From evolution to revolution: The transformative effect of generative AI in banking

Nieuws
15-04-2024
Alex Kwiatkowski
As the old saying goes, "You wait ages for a bus and then two [or possibly three] come along at once." This saying can be updated to reflect life in our increasingly digital world: "You wait ages for a genuine disruptive technology and then two [or possibly three]arrive simultaneously."

As the old saying goes, "You wait ages for a bus and then two [or possibly three] come along at once."  This saying can be updated to reflect life in our increasingly digital world: "You wait ages for a genuine disruptive technology and then two [or possibly three]arrive simultaneously."

This phrase succinctly captures the transformative effects of generative AI (GenAI) and its key underlying elements: Large language models (LLMs), synthetic data generation, and digital twins.

A report from Accenture highlights that banks are more likely to benefit from the highest GenAI productivity gains than any other industry in the US. McKinsey estimates that banking has an annual potential increase in GenAI-driven value of between $200 billion and $340 billion (nine to 15 percent of operating profits) as a result of improved productivity (with the most significant gains coming in the sub-sectors of retail and corporate), it’s clear that GenAI is a genuine game-changer like no other.

HFS Research, a respected independent analyst firm, surveyed enterprise leaders and found that by 2025, GenAI’s impact will be bigger than every other major technological breakthrough in history, surpassing the printing press, steam engine, the internet, and the smartphone. For something that’s only existed for a relatively short time, that’s quite an accolade. And all available evidence points to this being reality rather than hyperbole.

Lees verder >>


Lees verder op: biplatform

Gerelateerde vacatures

Geïnteresseerd in een carrière bij organisaties in ditzelfde vakgebied? Bekijk hieronder de gerelateerde vacatures en vind de perfecte match voor jou!
Gemeente Stichtse Vecht
5.965 - 8.123
Medior, Senior
Maarssen
Als concerncontroller lever je een strategische bijdrage aan het versterken van de beheersing en sturing binnen de gemeente Stichtse Vecht.
Colourful People
Max. 7.936
Medior, Senior
Almere
Voor de Almeerse Scholen Groep zijn wij op zoek naar een Concerncontroller (1,0 fte); een strategisch financieel expert met verbindend vermogen!
Gemeente Hardenberg
3.359 - 6.072
Medior
Hardenberg
Als financial controller beoordeel je complexe financiële voorstellen, signaleert risico’s en adviseert management, bestuur en collega’s.
ABN AMRO
5.847 - 8.353
Medior
Amsterdam
The Chapter Lead C++ at ABN AMRO Clearing is responsible for technical development, coaching developers, defining work standards, and leading projects in the clearing and risk management field.