Genpact’s Post

Two of every three senior digital and analytics leaders believes that the technology will fundamentally change the way they do business. With Generative AI having potential to deliver significant value of ~$200 to $340 billion to banks. Now these banking institutions have 3 pressing questions: 1) How to use gen AI most effectively? 2) Where to use gen AI most effectively? 3) How to ensure the applications are fully adopted and scaled within their organizations? Only 2 of 10 will succeed in generating extensive value. How prepared are you to be in those 2 financial institutions? #GenerativeAI #DigitalTransformation #ArtificialIntelligence #NewValue #ElevateWithAI

Are you prepared for generative AI? To help the banking sector get ready for GenAI, we’re sharing a Gartner® report that explores what banking CIOs need to know about this game-changing technology. Follow the link below to learn about: - Use cases - Business impacts - Recommendations for leaders And much more… Download: https://hubs.ly/Q02s-jQm0 #genai #generativeai #gartner #ebankit

Banking executives can no longer afford to wait to plan for #generativeai. Since the technology is progressing very fast, a conservative “wait and watch” approach could leave banking organizations behind emerging market uses. For banking executives, finding effective uses for generative AI will be key, including finding ways for new product development, creating segmentation and serving new customer segments using credit scoring data.

Scaling up Generative Artificial Intelligence in Banking to maximize benefits is a challenging task that needs to address a few issues. Future AI Bank is nicely illustrated through a multi-layered diagram..

Scaling generative AI from pilot phases to impactful enterprise applications in banking is a formidable challenge. It requires a robust framework that not only fosters rapid technological adoption but also integrates seamlessly with strategic business objectives. Successful implementation demands strong AI leadership and a synergy between data teams and business operations. This approach will ensure that generative AI acts as a catalyst for innovation, unlocking significant value for those ready to navigate its complexities.

Worth-reading report by Evident Insights! The Evident AI Index is the global standard benchmark of AI maturity for banks, based on over 100 individual indicators developed in partnership with leading subject matter experts spanning banking, technology, and benchmarking. Each year, this methodology is used to rank the activities and efforts of 50 banks - allowing Evident to identify and profile existing best practices, diagnose bank’s individual strengths and weaknesses, and compare the approaches banks around the world are taking to AI adoption. Evident publishes detailed research across each component of their methodology, including Talent, Innovation, Leadership, Transparency, and most recently, Outcomes. These insights allow our customers - whether they be leaders of AI strategy, HR, Ventures, Research or Communications teams - to delve deeper into the data within their specific priority area. #AI #banking #talent #leadership #innovation #fintech

The integration of AI across banking operations has the potential to significantly enhance the customer experience, improve operational efficiency, and reduce risk. However, it also raises important questions around data privacy, algorithmic bias, and the impact on banking jobs. Careful governance and responsible AI practices will be critical as this technology continues to transform the industry.

The McKinsey article referenced below states that generative AI has the potential to generate over 300 BILLION dollars annually in banking industries! While this sounds incredible, it won't just magically occur on it's own. It's going to take targeted efforts between many departments in organizations (and across the industry) to truly scale these models. As we've already been seeing in recent years, these changes will require even further collaboration between business, IT, and data professionals. #datascience #banking #artificialintelligence

There are certain industry verticals (health care, financial services, government etc..) that can have profound transformational impact on society due to AI and Generative AI in particular. The most challenging aspect is that these industries are usually highly regulated and risk averse. It takes a very strong visionary leadership to inspire and transform the culture of these companies.....

AI in Banking: Scaling Beyond Pilot Tests to Strategic Transformation In the rapidly evolving domain of banking, initiating AI pilot projects is merely the first step. The true test lies in scaling these technologies to drive strategic transformation and deliver substantial value. As the 'AI Bank of the Future' begins to take shape, its success hinges on holistic integration rather than isolated innovation. Leaders in banking now look beyond the horizon of traditional change management. The advent of Generative AI is not just a technical upgrade; it's a fundamental shift requiring banks to balance cutting-edge tech with robust analytics, agile methodologies, and dynamic customer engagement strategies. The challenges are multifaceted - from cultivating a tech-empowered workforce to ensuring seamless collaboration across departments and fostering a culture that embraces continuous learning and adaptation. As we unveil this complex landscape, clarity emerges on how banks can leverage AI not just for operational efficiency, but also for creating personalized customer experiences and innovative services that redefine the essence of banking. Join us with Alex Wang for an insightful discussion where we dissect McKinsey & Company's comprehensive blueprint for the 'AI Bank of the Future.' Together, we'll navigate the nuances of this transformation, uncover the key to successful scaling, and share visionary approaches to conquering the AI frontier in banking. Embrace the paradigm shift with us. #FutureOfBanking #AIRevolution #McKinseyInsights #DigitalScaling #AIChallenges #StrategicInnovation #FinTech #BigData #Strategy