Nine takeaways from Citi’s deep dive into Gen AI and banking
Artificial intelligence (AI) is transforming the landscape of retail banking, offering unprecedented opportunities for innovation, efficiency, and customer engagement. Banks, credit unions and fintech providers must understand the current applications and future potential of AI to stay competitive in an increasingly demanding and fractured financial ecosystem. New research from Citi provides a glimpse into current potential cases.
Artificial intelligence is not new to the banking industry. For more than a decade, banks have been leveraging AI in fraud detection, credit scoring, and more recently, customer service through chatbots and virtual assistants. These applications improve operational efficiency and enhance the overall banking experience for customers and members.
Yet, with the introduction of generative AI and the accelerated pace of use case development, financial services leaders are looking to revolutionize further product development, risk management, customer experiences, internal efficiencies, and strategic decision-making processes to become future-ready and resilient.
As we review AI in retail banking, it’s essential to consider both the opportunities and challenges of these technologies. While AI promises increased productivity, customer experiences, and cost savings, it also raises questions about data use and privacy, ethics, and the balance of human and digital in the delivery of banking services.
Balancing the opportunities and challenges will be critical as banks navigate the AI revolution and seek to leverage their full potential to drive and maintain a competitive edge in the evolving financial services ecosystem.
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