“Except for a handful of larger banks with innovation teams focused on the use of Gen AI tools, most mid-sized and small banks and credit unions won’t do much with Generative AI in 2024. More accurately: They won’t know that they’re doing something with it. What I mean by that last comment is that, when…
Tag: Digital Transformation
These are the eight priorities for CEOs next year — and AI tops the list, according to McKinsey
“Making generative AI work for you. It’s probably no surprise that generative AI — which has taken the world by storm since the launch of ChatGPT — is front of mind. Over the past year, there’s been a ton of hype around innovations in the space — from a host of new chatbots to image…
Capturing the full value of generative AI in banking
“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…
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…
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