Generative AI in Banking: Start by Solving for Simple

Generative AI in Banking: Start by Solving for Simple

This IDC Perspective complements previous research into generative AI (GenAI) and looks at the technology in the context of the financial services industry and banking. Although the industry is in its early days for its use, many banks are already piloting GenAI in proofs of concept (POCs) centered on relatively simple use cases to solve simple problems. GenAI has become the disruptive technology for all industries in 2023. Usually, with any new, disruptive technology, there are more questions than answers. However, unusually, most banks have become familiar with GenAI and all its potential use cases, benefits, and challenges quicker than other technologies before it."Generative AI has caught the attention of every bank worldwide, whether they have plans to deploy it or not," says Jerry Silva, vice president, IDC Financial Insights. "But IDC believes this could be the most transformative technology since cloud, and every bank should at least educate themselves and being thinking about use cases within the organization."

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