“The McKinsey Global Institute estimates that among industries globally, gen AI could add the equivalent of $2.6 trillion to $4.4 trillion annually in value across the 63 use cases it analyzed.2 Among industry sectors, banking is expected to have one of the largest opportunities: an annual potential of $200 billion to $340 billion (equivalent to…
Tag: ai Banking
AI in Banking: AI Will Be An Incremental Game Changer
“Despite that gradual onset, the potential for wide-ranging application of generative AI means the banking sector is among those likely to experience the biggest impact from the advancement. On an annual basis, generative AI could add between $200 billion and $340 billion in value (9%-15% of banks’ operating profits) if the use cases are fully…
AI is set to transform the banking sector, Boston Consulting Group says
“Banks are data-heavy industries and the transactional data of customers that they collect “provide many more insights than every other industry data set actually can,” said Stiene Riemer, partner at Boston Consulting Group.” https://www.cnbc.com/video/2023/11/14/ai-is-set-to-transform-the-banking-sector-boston-consulting-group-says.html
How generative AI is entering the conversation in banking
“Ally.ai, the bank’s cloud-based platform, which utilizes AI to transcribe contact center calls in real time, thereby freeing agents from multitasking and allowing them to focus on the client conversation, has already been deployed to more than 700 customer service reps.” https://www.americanbanker.com/list/how-generative-ai-is-entering-the-conversation-in-banking
Why AI Adoption Is Not A ‘Wait And See’ Approach For Banks
“Like most disruption, AI is full of opportunities. New SAP research identified untapped opportunities for banks by catering to the needs, attitudes and behaviours of different customers by gender, age, business type and turnover. Yet most banks still provide overly standardised products, missing opportunities for growth and revenue. Almost a quarter of Gen Z switched…