Generative AI in banking is evolving rapidly, moving beyond assisting basic processes to become an integral part of strategic decision-making, customer interaction, and adhering to compliance regulations.
Impressively, banking only comes second to the high-tech sector when considering generative AI’s potential productivity impacts. The technology is predicted to deliver up to $340 billion in additional revenue to banks annually, with strong business use cases ranging from marketing and sales, customer service, software engineering, and risk and legal.
Given the potential upsides, banks of the future are set to integrate AI into every operation, from risk assessment to customer service. This end-to-end integration and digital transformation will pave the way for more agile, personalised, and secure customer experiences worldwide.
The implementation of AI in banking isn’t just a future project – it’s already well underway. In the Future of Banking with Trusted Generative AI report, Philip Benton, Principal Fintech Analyst at Omdia, shared, “In our recent annual global survey of around 2,750 banks, 93% of the respondents said they are looking to adopt AI in some