Strategic Intelligence: Generative AI in Banking
Summary
This report examines the adoption of Generative AI in banking. It summarizes the key trends within technology, macroeconomics, and regulation impacting Gen AI across the next 12-24 months, to establish key gridlines of change. It then provides an industry forecast of the expected adoption of AI and Gen AI, specifically with banking, before delving into indicative case studies within products and services, channels, operations, and infrastructure. A delivery model section is also presented, elucidating how banks are setting up organizationally to deliver Gen AI at scale. Finally, the report offers a firm-level summary of Gen AI performance, including both direct-to-consumer providers of financial services as well as established and emerging technology vendors.
Generative AI exploded into the mainstream when Open AI introduced ChatGPT. The volume and velocity of adoption outstripped everything that went before, reaching 1 million users in just five days. Since then, a palpable fear of missing out has seen significant preparatory activity, with sharp increases in hiring activity, patent applications, M&A activity, and corporate mentions. The industry was adamant that Gen AI would be analogous to the mobile device, in that every product and process would have to be re-visited and re-imagined in light of the new capabilities GenAI could bring.
Scope
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