Generative AI: What It Means For Banking

February 26th, 2024

Indranil Bandyopadhyay Principal Analyst

With contributors:

Oliwia Berdak , Martha Bennett , Diego Lo Giudice , Andras Cser , Pushpa Marwal , Meng Liu , Jacob Morgan , Christian Prandi , Demi Starks

Summary

Generative AI (genAI) has an extensive range of 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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