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Generative AI in Retail Banking: Opportunities and Use Cases

Publisher IDC
Published Oct 06, 2023
Length 9 Pages
SKU # IDC18238250

Description

Generative AI in Retail Banking: Opportunities and Use Cases


This IDC Market Perspective provides guidance on generative AI (GenAI) use cases for retail banking and must be read in conjunction with other IDC research on GenAI technology. This research suggests several AI and GenAI use cases that could lead to significant growth and efficiency opportunities, particularly around various aspects of the retail customer journey.“GenAI is the next game changer for retail banks. It not only enables unstructured data to be included in the decision-making process but also brings in multiple new algorithms with the help of synthetic data. It has a game-changing ability in the generation of artifacts, such as images, text, and voice, which enable an instant gratification experience,” says Ashish Kakar, research director, IDC Asia/Pacific Financial Insights.

Please Note: Extended description available upon request.

Table of Contents

9 Pages
Executive Snapshot
New Market Developments and Dynamics
The Rise of GenAI
The GenAI-Driven Bank of the Future
GenAI-Powered Customer Journeys
Acquisition
Chat and Voice Bots
Personalized Marketing Campaigns
Dynamic Pricing
Negotiation Engines
Onboarding
Transaction Processing
Servicing
Knowledge Management
Asynchronous Servicing
Portfolio Management
Risk Management and Collections
Fraud Detection
Collections
Advice for the Technology Supplier
Learn More
Related Research
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