Generative AI Can Make a Significant Impact
Generative AI (GenAI) could be the most substantial technology shift in our lifetimes, and it undoubtedly has limitless potential.
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Not only do a majority of banking decision-makers believe that GenAI will be used by more than half of financial institutions by 2030, but it is estimated that GenAI has the potential to deliver between $200 and $340 billion to banks annually—largely from increased productivity.
In the short term, it’s making immediate and substantial impacts in the service of banking in four primary ways:
- Driving strategic growth
- Powering operational efficiency
- Leveling the playing field between larger and smaller institutions
- Delivering collective intelligence
This new report provides an overview of the current and future state of GenAI in banking, and it provides a useful framework for any bank or credit union to plot out their AI journey.