Your journey to a GenAI future: A strategic path to success in banking

As generative AI (GenAI) stands on the brink of revolutionizing how the world does business, the banking industry is starting to capitalize on it. Data is at the center of everything in banking. GenAI offers the potential to generate more value from this data by enabling new efficiencies and unlocking untapped value – and many banks are already reaping the benefits. From enhancing the customer experience to thoroughly transforming fraud detection, risk and compliance management and more, banks are beginning to realize the productivity and efficiency gains GenAI offers. The pressing questions for banking leaders now are how and where they can use GenAI most effectively going forward, and how to ensure it is fully adopted and scaled.

Our research findings are based on a new survey of 1,600 organizations across the globe from a wide range of industries. To better understand the banking industry perspective on GenAI, we examined responses from 243 senior leaders in the banking sector who are responsible for making decisions on GenAI strategy or data analytics.

This report reveals:

• How banks are implementing GenAI compared to other sectors.
• Which areas banks are seeing benefits in, and where banks feel less confident.
• How the banking sector’s investment in GenAI stacks up against other sectors, and where it is being spent.
• How banking firms can proactively prepare for the challenges of implementing GenAI to ensure a strong ROI.