So check this out, folks. These experts are saying that if banks want to keep up with the rest of the world, they gotta start using generative AI and large language models. Now, they’re not just talking about any old AI, they’re talkin’ about OpenAI’s ChatGPT and Google’s Bard. These tools can really amp up internal productivity and improve the customer experience, and banks are eager to hop on that train.
But here’s the thing, the banking industry is kinda cautious when it comes to innovation. They wanna make sure they implement and evaluate this technology properly. They don’t wanna just dive in headfirst without a plan. According to a KPMG report, financial institutions are investing more and more in finding the best ways to use generative AI. They surveyed 56 financial services executives from companies with over $1 billion in revenue, as part of a larger study that included 200 leaders across different industries.
Peter Torrente, a banking and capital markets national sector leader at KPMG, said, “Look, there’s still a lot of questions about AI, but one thing is clear – bank executives see the power AI holds to transform the industry.” So, it’s a no-brainer that banks are all looking into generative AI, but only a few have actually started using it effectively.
If you’re a bank that’s ready to take the plunge into generative AI, here are some things you gotta consider and how to navigate ’em: