GenAI, or General Artificial Intelligence, in banking presents both opportunities and challenges due to its novelty as a technology and the industry’s demand for absolute accuracy. While its implementation may not be consumer-facing just yet, GenAI offers substantial benefits in synthesizing a bank’s existing data for improved decision-making, personalized client interaction, and automation of core processes. Potential applications include chatbots for customer service support, data synthesis to determine creditworthiness, and AI-generated content for marketing. However, the sensitive nature of personal finance and strict industry regulations require careful implementation and assessment of GenAI’s utility, ensuring the utmost accuracy, security, and privacy.
