We're proud to announce the formation of the AI Readiness for Financial Services Industry (FSI) Special Interest Group (SIG) as part of its broader pioneering AI strategic initiative. This initiative is tailor-made for financial services organizations to lead the charge into the era of AI-driven innovation.

Why AI, Why Now?

The pace of AI adoption, particularly GenAI in financial services has been nothing short of remarkable. With AI emerging as one of the top themes for 2024, the industry is witnessing a seismic shift towards embracing AI technologies. According to NVIDIA’s State of AI in Financial Services Report, a staggering 91% of financial services companies are already exploring or utilizing AI to drive innovation, efficiency, and customer experiences.

Unlocking Potential, Addressing Challenges

The AI Readiness SIG aims to provide a collaborative environment for industry leaders to collectively develop frameworks and policies designed to enable, safe, trustworthy, and compliant deployment of generative AI technologies. By addressing challenges such as regulation, compliance, trustworthiness and bias mitigation, the SIG aims to support financial services organizations in navigating these challenges together and unlocking the full potential of AI.

How to Get Involved

For FINOS members: If you're already a member of FINOS, reach out to membersuccess@finos.org to join the AI Readiness SIG and start collaborating with industry leaders to shape the future of AI in financial services.

For Non-members: Join FINOS today and become a part of shaping the future of financial services through GenAI adoption. Joining FINOS gives you access to exclusive initiatives like the AI Readiness SIG.

For everyone: Interested in staying updated and participating in discussions? Join the Open Financial LLM Mailing list by emailing open-financial-llm+subscribe@lists.finos.org. Additionally, join workshops and forums focused on the future of AI in financial services at the upcoming Open Source in Finance Forum (OSFF), in London (June 26th, 2024) and New York (September 30th & October 1st, 2024).

Already, we have an impressive roster of FINOS members who have signed on to advance this initiative including Citi, Scott Logic, Morgan Stanley, and ControlPlane leading the effort; Databricks as an Executive Sponsor; Gold FINOS Members: the London Stock Exchange Group and Publicis Sapient; and Silver Member: EPAM - showcasing the industry's strong commitment to this transformative journey. Additionally, Microsoft and Provectus, as new FINOS members are also participating in this effort.

For more information about FINOS, its strategic initiatives, and how to get involved, please visit FINOS.org. To learn more about joining FINOS as a member, visit the Member Benefits page. 

Interested in the AI Readiness SIG? Click the link below.