American Banker Podcast
How banks’ use of generative AI has evolved over the past year
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- U.S. banks are recognizing the transformative power of generative AI, leading to increased investment and integration across multiple departments for enhanced efficiency.
- AI governance discussions in bank boardrooms have intensified, reflecting a strategic focus on operational strategy, risk management, and regulatory compliance in the use of generative AI.
Deep dives
Increased Investment in AI by Banks
U.S. banks have significantly increased their investment in artificial intelligence (AI), particularly generative AI, reflecting a mature understanding of its potential benefits. A survey indicated that 98% of financial services organizations recognize AI as a top priority in their boardrooms, with many reporting gains in productivity and operational efficiency ranging from 5% to 8%. This shift is driven by a desire to reduce operational costs while simultaneously seeking increased revenue through enhanced efficiency and faster market responsiveness. The growing acceptance and integration of AI span various departments, including risk management, operations, and human resources, suggesting a comprehensive approach to leveraging this technology across the financial sector.
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