AWS re:Invent 2024 -Jefferies transformation story: Adopting gen AI for corporate functions (AIM105)

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Adopting Generative AI within Jefferies

Background

  • The ideation for adopting Generative AI within Jefferies started during the 2023 Reinvent conference, where the leadership teams of Jefferies, HCL Tech, and AWS brainstormed on defining a data strategy and use cases aligned with Generative AI initiatives.
  • After the conference, Jefferies, HCL Tech, and AWS formed a collaborative partnership and started a pilot use case on MLOps, followed by a data-driven everything (D2E) workshop.
  • During the workshop, the teams brainstormed and identified 15-20 use cases, ultimately narrowing down to two use cases that were deemed most relevant and impactful.

Use Case 1: Auto Email Classification and Response Generation

  • The first use case was focused on automating the classification and response generation for the emails received by Jefferies' Finance Ops teams.
  • The teams leveraged AWS services like Comprehend for email classification and Textract for extracting relevant information from the emails.
  • The goal was to automate the process of redirecting emails to the appropriate teams and generating draft responses, which would then be reviewed by a human before being sent to the clients.
  • This solution has resulted in automating over 80% of the workload for the Finance Ops teams.

Use Case 2: Anomaly Detection and Context Generation

  • The second use case focused on detecting anomalies in Jefferies' trade data and providing context for the identified anomalies.
  • The teams used a combination of machine learning (ML) and Generative AI to detect anomalies and provide insights on the potential causes, such as market events, corporate actions, or stock splits.
  • The solution has resulted in a 4x improvement in the time it takes to identify and understand the root cause of an anomaly.

Takeaways

  1. AWS as the Primary Service Provider: Jefferies has found AWS to be their primary service provider, leveraging a wide range of their services for their Generative AI initiatives.
  2. Importance of Partnership Ecosystem: The collaborative partnership between Jefferies, HCL Tech, and AWS has been instrumental in the success of the Generative AI initiatives.
  3. Focus on High-Impact Solutions: Jefferies has carefully selected use cases that have the most significant business benefit, considering factors like scale and effort.
  4. Foundational Solutions: Jefferies has built Generative AI solutions as frameworks that can be applied to different use cases, rather than one-off implementations.
  5. Human-in-the-Loop Approach: As a regulated industry, Jefferies has adopted a human-in-the-loop approach, where the Generative AI outputs are verified by human experts before being used in production.

Overall, Jefferies' adoption of Generative AI within their corporate functions has resulted in significant efficiency and productivity improvements, while maintaining the necessary human oversight required in their regulated industry.

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