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Digital Transformation | CIO

Unleashing the power of banks’ data with generative AI

2024-02-16 14:58:29

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Summary

Generative AI has the potential to fundamentally change customer onboarding, fraud detection, and compliance in the banking sector. However, there is a lack of understanding about generative AI and its governance needs, as well as potential pitfalls such as misinformation and lack of transparency. The readiness of data and the need to ensure it is AI-ready is crucial for unleashing the full potential of generative AI in banking.

Key Themes

1. Generative AI in Banking:
– The implications, benefits, challenges, and pitfalls of generative AI in the banking sector.
2. Data Readiness:
– The importance of having AI-ready data and the potential consequences of inaccurate or disparate data in decision-making.
3. Potential of Generative AI:
– Real-life examples of how generative AI can impact outcomes in the banking industry.

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