Trends Report

Generative AI: What It Means For Banking

January 4th, 2024

Summary

Generative AI (genAI) has many applications in banking, encompassing customer service, marketing, product development, code generation, and fraud detection, promising to augment banks’ operational efficiency, effectiveness, and competitiveness. However, prioritizing use cases for experimenting with this emergent technology is critical. Banks must also ensure that genAI doesn’t generate inappropriate or biased content that damages their reputation. This report outlines genAI’s impact on banking, suggesting avenues for early adoption and how to circumvent potential risks.

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