For banks, the future of AI is already here
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.
• 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.