Banking in 2024: Get ahead with these five AI trends.

In a recent study from Economist Impact, 75% of bankers surveyed believe that the sector will be significantly impacted by generative AI and 71% agree that unlocking value from AI will be the key differentiator between winners and losers. As we look ahead, here are the key trends that will shape adoption of AI in the banking sector:
– Generative AI: The rise of Generative AI promises to unleash a wave of innovation, efficiency and personalisation for banks and their customers. According to McKinsey, this technology could deliver additional value of $200 billion to $340 billion annually across the banking industry.
– Responsible AI: There is a need for AI models to be easily understood, analyzed, and augmented, as well as unbiased, fair, and safe. Responsible AI is necessary for widespread deployment in banking.
– Governance of AI: Governments and regulatory authorities are working on putting tight governance and controls on AI development and deployment in the banking sector to ensure its safe and useful use.
– AI to Enable Financial Wellbeing: Explainable AI can help banks enable financial wellbeing and inclusion by forecasting cashflows of individuals in financial difficulty and providing tailored wealth advice.
– AI to Leverage Expanding Data Sources: With the rise of IoT and social media, more data will become available about the banking industry and its customers. AI can extract the full value from this data, providing unique customer insights for banks.