Roshan Shetty, BFSI & Public Services Head – Americas, Tech Mahindra and Michael Ruttledge, Chief Information Officer, Head of Enterprise Technology & Security, Citizens Bank, join FinextraTV to opine progress since ChatGPT was launched two years ago. Despite dominating headlines, only 6% of the banking, financial services and insurance industries have truly leveraged generative AI algorithms for business models, while 46% are merely passive observers. Work is being done in terms of concepts being considered and pilots being pushed through, but the reality – as the pair explain – is that these sectors are heavily regulated and change management and data privacy must be prioritised to ensure the appropriate guardrails are in place so that the industry can indeed move forward from this test and learn era of generative AI.