GenAI in Banking: Game-Changing Success Stories
Some banks are "evolving" and successfully putting GenAI to work!
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Short take—fast, focused, and straight to the point.
Not all banks are lagging behind with GenAI in this battle for "the survival of the fittest."
A few success stories from banking show how some banks are "evolving" with AI, while others are not, creating an "AI Gap" among banks.
🔥BUT WATCH :
Banks are still afraid to unleash GenAI on customers! Six of eight banks are using GenAI for internal use only!!!
This illustrates just how concerned banks are about letting AI loose on their customers.
👉Banks with successful GenAI use cases:
🔹 Deutsche Bank
In probabilistic scenarios, GenAI will help provide personalized investment advice and improve portfolio management. AI algorithms analyze data and suggest tailored investment options, automating customer interactions and providing more personalized services.
🔹Commonwealth Bank of Australia (CBA)
CBA GenAI to enhance customer experiences and test new products. The bank used GenAI to create “synthetic customers” or personas, which simulate customer behavior and interactions.
🔹Australia and New Zealand Banking Group Limited (ANZ)
Deployed GenAI for various purposes, including using a custom chatbot, Z-GPT, to integrate internal data for operational efficiencies. GitHub Copilot, another key tool, helps software developers improve coding productivity by 40-55%.
🔹MasterCard
Mastercard is utilizing generative AI to improve its fraud detection capabilities. The technology enables Mastercard to double the speed of identifying potentially compromised cards.
🔹 OCBC Bank
Launched a generative AI (GenAI) chatbot, becoming the first bank in Singapore to deploy this technology globally across its entire workforce. The chatbot, powered by Azure OpenAI, is designed to assist employees with writing, research, and idea-generation tasks.
🔹 Morgan Stanley
Morgan Stanley has integrated multiple GenAI tools, including a new tool named AI @ Morgan Stanley Debrief which is developed in collaboration with OpenAI. This tool aims to assist financial advisors with enhanced analysis capabilities and insights.
🔹 J.P. Morgan Chase
J.P. Morgan uses a GenAI chatbot, described as a “research analyst,” to assist employees by providing data-driven
insights and answers. The bank is rolling out an AI tool called LLM Suite to 140,000 employees. This tool is designed to
assist in day-to-day tasks and significantly improve
efficiency across various departments. The bank also introduced Quest IndexGPT,a generative AI solution for constructing investment indices.
🔹 ING Bank
Launched a GenAI-powered chatbot in September 2023. This chatbot helps deliver personalized customer support,
providing tailored and secure customer interactions.
🏝️ Short takes are holiday editions! Shorter, yet packing a punch, even if there are more typos!
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