American Banker Podcast
How generative AI could reshape financial services in 2024
Jan 16, 2024
This podcast explores the potential impact of generative AI on the financial services industry in 2024, including its effect on job roles, the concept of AI as a co-pilot tool in banking, the transformation of banking systems, and the importance of up-to-date data in enhancing AI insights.
17:02
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Quick takeaways
- Generative AI can enhance banks' productivity by 22-30%, focusing on operational efficiency.
- Banks aim to reallocate employee time to customer interactions for value creation, not just cost reduction.
Deep dives
Generative AI's Potential in Boosting Banks' Productivity
Generative AI has the potential to enhance banks' productivity by 22 to 30 percent, primarily focusing on operational efficiency. Implementation examples include streamlining post-call summaries in call centers from minutes to seconds and accelerating mortgage loan origination processes by aligning them with specific requirements quickly and accurately. By applying generative AI across various operational aspects, banks can achieve significant efficiency gains that lead to improved productivity.
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