Gen AI used in banking - by peorient

Fri, 02 Aug 2024 07:43:11 +0000

Generative artificial intelligence (Gen AI) is transforming the banking sector by improving client interactions, preventing fraud, and automating labor-intensive tasks, including code creation, pitch book authoring, and summary of regulatory reports. The McKinsey Global Institute projects that the adoption of Gen AI may cause the worldwide banking sector to witness an annual value boost between $200 billion and $340 billion. Conversely, the use of Gen AI generates challenges. The success of the deployment depends on the availability of a strong operational model, which is necessary to maximize the possibilities of the technology and thereby minimize risks at once.