GenAI: Banking’s best offense in challenging times
While every banking executive understands that generative AI will transform banking, few fully understand the potential scope of this change. With so much at stake, now is the time to create strategies and actions that can take advantage of the opportunities across the organization.
Just over a year ago, large language models like ChatGPT burst onto the scene, opening the door to both unprecedented AI capabilities but also new challenges. For banking executives, several questions needed to be addressed. Where can generative AI alleviate structural weaknesses and boost productivity? How can it elevate customer experiences and increase engagement? How can generative AI impact innovation and what risks accompany rapid adoption?
The 2024 Global Outlook for Banking and Financial Markets, published by the IBM Institute for Business Value, explores the impacts of generative AI based on in-depth analysis of financial reports, a survey of 600 banking executives, and insights from within IBM. The result is a comprehensive report on the future impact of generative AI in banking along with strategies for success.
The research examines generative AI’s potential to completely redefine banking, from revolutionizing relationships through ultra-personalized conversations, to streamlining operations, to reshaping workforce experience and accelerating the innovation process in financial services. The research also provides guidance on the need to balance risk and value enhancement, and how upgrades are needed to successfully integrate generative AI solutions. The IBM research also makes it clear that hesitation in embracing the potential of generative AI is not a path to success.
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