How banks can adopt generative AI

“According to the KPMG data, 76% of financial services executives said they see fraud detection as a major application. More than two-thirds of respondents said compliance and risk will be a top use. For instance, banks could use generative AI to automate regulatory filings and analyze historical data to simulate risk scenarios. Generative AI will also likely be used to power more sophisticated consumer-facing chatbots, per 66% of respondents.
JPMorgan said in May that it had hired 900 data scientists, 600 machine learning engineers and 200 AI researchers to execute its technology initiatives.”