Report
5-Minute read
Introduction
The potential for generative AI (GenAI) to transform banking is huge. Banks are already harnessing GenAI to generate deeper insight for both humans and agentive models. This evolution is creating an ‘intelligent bank’ – one that adopts an ‘AI-first’ mindset similar to previous digital or mobile revolutions.
As banks begin to integrate GenAI into their strategic and operational processes, they unlock step changes in business agility, hyper-personalised customer service and automation at scale. Transaction data forms the deepest insight into both customers and markets, making it an essential asset in this transformation.
To fully unlock GenAI’s potential, banks must scale their applications safely and systematically:
Banks should establish a transaction data and insights Centre of Excellence (CoE) to leverage GenAI and specialist tools for enriching customer transaction data and generating insights.
This CoE should publish high-quality data and insight products and provide enabling services for bank users.
The CoE should adopt an iterative approach, starting with simpler data enrichment techniques and gradually optimizing the use of GenAI.