I cover consumer-centric insights and analytics that provide executives with solutions needed to drive strategy. I am the CEO of Prosper Business Development where, for more than 20 years, we have provided market leadership and developed contemporary solutions to help Fortune 500 companies navigate change that impacts their business.
Banking leaders are excited about the potential of generative artificial intelligence to reshape the customer experience and optimize operations . A McKinsey survey finds that GenAI could add between $200 billion and $340 billion in annual value, boosting revenues by 2.8% to 4.7%. Retail banking is the second most profitable sector in the banking industry, generatinga digital transformation and IT consulting services company.
That’s why most banks are starting with back-office processes to gain competency with AI implementation and proactively address risks. According to E&Y, overBanks have built their transformation muscles by constructing hybrid/multi-cloud infrastructures, enabling digital and mobile banking, and equipping call center representatives with AI-powered tools like guided chat and sentiment analysis.
“In addition to strengthening GenAI capabilities, banks will need to combat bad actors,” adds Gupta. “Adversaries are using GenAI to improve attack strategies and tactics, such as improving phishing emails, which have often been riddled with errors, and using consumers’ personal information to sharpen spear phishing and vishing campaigns.”
Post-Pandemic Consumer Machine Learning Genai Retail Banking Customer Experience Optimize Operations Llms Digital
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