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(Gen) AI in Financial Services

ai in financial services
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Generative AI is reshaping Financial Services - but how do you move from experimentation to execution while balancing innovation, compliance and measurable value?

PwC and Microsoft hosted an exclusive event designed for executives and key decision-makers in banking and insurance to explore actionable strategies for scaling GenAI. We have tackled the most urgent questions facing leaders today: accelerating adoption beyond pilot projects, proving ROI with disciplined metrics, and navigating risks without stifling innovation.

We started the afternoon introducing the transformative role of Generative AI in Financial Services with Xavier Verhaeghe (PwC), Barbara Cremelie (Microsoft) and Youssef Sakkali (PwC). Setting up the stage for discussion on how leading banks and insurances are successfully evolving from basic proof of concepts to fully operational GenAI solutions delivering measurable ROI.

Dr. Marc Pfeiffer, Capital Markets Lead EMEA at Microsoft, shared global insights on the most impactful GenAI trends and best practices in banking and insurance. Then Barak Chizi, Chief Data and Analytics Officer at KBC discussed how data-driven strategies power GenAI implementations, highlighting real-world challenges and lessons learnt. Lilia Christofi, PwC’s EMEA Financial Services Data and AI shared about the role of AI in shaping the financial services companies of the future.

Attendees then had the opportunity to choose from a series of breakout sessions tailored to specific interests. Topics included operationalising AI at scale, addressing technical and organisational hurdles (led by Jens Scheerlinck of PwC and Thomas Costers of Microsoft), driving ROI by aligning AI deployments with business outcomes led and moderated by Bauke Sprenger (Partner, Financial Services Operations at PwC Netherlands) , and balancing innovation with compliance to meet regulatory requirements by Frank Callewaert (Chief Technology Officer at Microsoft).

The event concluded with a panel discussion, moderated by Dirk Vangeneugden, Partner, Insurance Leader at PwC Belgium, that explored the harmonisation of innovation and oversight within the framework of the EU AI Act and beyond. The panel featured Arnaud Balthazar, AXA's Chief Data & Analytics Officer, Frank Callewaert, Microsoft’s National Technology Officer, and Lilia Christophi. Together, they examined how financial institutions can push the boundaries of innovation while adhering to regulatory requirements and safeguarding customer trust.

This gathering highlighted the transformative potential of Generative AI in the financial sector, emphasising its role in propelling banking and insurance industries toward scalable innovations.

Our speakers & experts

Financial Services Lead - Microsoft Belgium Luxembourg

Chief Data and Analytics Officer - KBC

Chief Data & Analytics Officer - Axa

Chief Technology Officer - Microsoft Belgium Luxembourg

EMEA Data & AI Financial Services - PwC EMEA

Partner, Technology Consulting & Client Lead Government & Public Sector - PwC Belgium

Solution Specialist Data & AI Microsoft Belgium Luxembourg

Gen AI Co-driver - PwC Belgium

Partner, Financial Services Operations - PwC Netherlands

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Unlocking AI's Potential in the Financial Sector

GenAI is revolutionising the financial services sector, offering endless opportunities that can be overwhelming to navigate. However, taking the first step is crucial as GenAI drives real business value by increasing revenue, reducing costs, improving customer satisfaction, ensuring regulatory compliance, boosting employee retention, and enhancing operational efficiency. Financial institutions are rapidly adopting AI, with an 80% increase in AI services from 2023 to 2024. This transformation is reshaping the industry, changing working cultures, and introducing new use cases. GenAI is modernising core systems, empowering employees, transforming customer experiences, managing risk and compliance, and streamlining operations. The opportunities can be divided into three levels: foundational, agent, and innovation. At the foundational level, GenAI enhances human capacity rather than replacing it. At the agent level, it drives efficiency in operations and service delivery. At the innovation level, it encourages organisations to rethink and redefine their offerings and customer engagement strategies.

Xavier verhaeghe, Marijke Schroos

      

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(Gen)AI in Financial Services aftermovie

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GenAI in Financial Services aftermovie

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What impact will Generative AI have on the financial sector?

We asked Xavier Verhaeghe (Partner, Technology Consulting & Client Lead Financial Services) and Lilia Christofi (PwC’s EMEA Financial Services Data and AI) to share their insights on two key questions. Their perspectives shed light on AI’s transformative role in shaping the future of financial services.

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Xavier Verhaeghe

What are the most significant changes you see Gen AI bringing to the Financial Sector?

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Lilia Christofi

What specific areas within financial services do you believe will benefit the most from Gen AI?

1:04
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How can financial institutions navigate innovation and compliance with Gen AI?

We asked Frank (Microsoft’s Chief Technology Officer) and Barak Chizi (Chief Data and Analytics Officer at KBC) to share their insights on two key questions. Frank explored how financial institutions can innovate with Gen AI while staying compliant with regulations, while Barak discussed how KBC measures the success of its AI projects. Their perspectives highlight the balance between innovation, compliance, and the real-world challenges of implementing AI-driven strategies.

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Frank Callewaert

How can financial institutions innovate with Gen AI while remaining compliant with regulation?

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Barak Chizi

How does KBC measure the success of its AI project?

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How can organisations successfully implement AI?

We asked Arnaud Balthazar (Chief Data & Analytics Officer at AXA) and Jens Scheerlinck (Gen AI Co-Driver – PwC Belgium) to share their insights on two key questions. Arnaud highlighted the primary challenges AXA encountered during AI implementation, while Jens examined how organisations can best prepare for adopting AI solutions.

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Arnaud Balthazar

What were the main key challenges when implementing AI at AXA?

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Jens Scheerlinck

How should organisations prepare for adopting AI solutions?

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AI adoption is a game-changer for businesses, but how should organisations prepare?

Thomas explored how organisations can ensure a smooth scale-up of AI after the initial pilot phase, providing valuable perspectives on transitioning from experimentation to full-scale implementation.

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Thomas Costers

How can organisations ensure a smooth scale-up AI after the initial pilot phase?

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Contact us

Gregory Joos

Partner, Head of Financial Services, Brussels, PwC Belgium

+32 473 91 03 53

Email

Xavier Verhaeghe

Partner Technology Consulting & Innovation, Brussels, PwC Belgium

+32 495 59 08 40

Email

Dirk Vangeneugden

Partner, Brussels, PwC Belgium

+32 475 52 63 23

Email

Youssef Sakkali

Director Financial Services, PwC Belgium

+32 484 17 83 36

Email

Connect with PwC Belgium