For banks, the future of AI is already here

Euromoney Limited, Registered in England & Wales, Company number 15236090

4 Bouverie Street, London, EC4Y 8AX

Copyright © Euromoney Limited 2024

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

For banks, the future of AI is already here

AI-brains-iStock-960.jpg
Illustration: iStock

No industry will be more overwhelmingly affected by new forms of artificial intelligence – both generative-AI and other technology to come – than banking. Costly but cost-effective, it is up to banks to make AI work for them, not the other way around.

Discussion points


• Generative AI is already with us. It is what banks do with it that counts;

• It should help with risk management and make staff and systems more efficient;

• But risks – from privacy and ethics to capping rising costs – remain;

• AI at its best promises to transform banks completely;

• Regulation, long expected, is coming, with the EU’s AI Act first.


Artificial intelligence will impact us all: it already is. For the banking sector, AI, and particularly generative AI – defined by IBM as a “leap forward in natural language processing” capable of creating “high-quality text, images, and other content based on the data they were trained on”, from poetry to molecular structures to software code – promises to be a genuine game changer.

“It

Topics

Elliot Wilson headshot.jpg
Asia editor and Global Private Banking and Wealth Management editor
Elliot Wilson is Asia editor and Global Private Banking and Wealth Management editor. He joined the magazine in 2020 having been a regular contributor focusing on China and the Indian subcontinent, Russia and Eastern Europe/the CIS. He is based in Hong Kong.
Gift this article