Is it already too late to get started with GenAI? No, but the clock’s ticking

Banking institutions have evolved from deep skepticism about generative artificial intelligence to enthusiasm, perhaps even a bit of ’FOMO.’ Whether your institution is a leader or a laggard, an Accenture expert has advice to move confidently down the GenAI path.

Did you blink?

A year ago, the banking industry was rife with skepticism about the promises made by backers of GenAI.

“People were trying to figure out, is this hype? Is it real? What’s there?,” says Keri Smith, global banking data and AI lead at Accenture. “Fast forward to today — there’s been a lot of proven experimentation as well as new processes in production and many public examples to learn from. Most banks have come to understand that the technology is real.”

Does that mean that bankers who did not immediately jump aboard the GenAI train have fallen permanently behind, having not taken the tech leap of faith? No, says Smith — not yet.


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