Published: 27 March 2024
Generative AI democratizes the capabilities to innovate and deliver banking services, making them more personalized to a wider audience, and equipping bank employees with tools that boost productivity. Banking CIOs must balance GenAI’s potential with data security risks and regulatory compliance.
Banking-specific large language models are democratizing generative AI (GenAI) in banking: The banking sector now benefits from specialized models like BloombergGPT,Mastercard’s Decision Intelligence Proand FinBERT, alongside powerful open-source models, such as Mistral AI and Gemma, all of which can be fine-tuned for specific needs. Additionally, real-time, as-a-service GenAI platforms make advanced tools widely accessible.
GenAI tools are accessible for a variety of roles in banking: GenAI is transforming banking with role-specific tools — AI chatbots for customer engagement, virtual assistants for frontline staff (such as tellers and relationship managers), and workflow processors for back-office roles (including compliance officers and
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Analysts:
Agustín Rubini, Jasleen Kaur Sindhu
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