Generative AI is set to supercharge the transformation of banking with unprecedented innovation and efficiency. Here Stevenson Munro, Global Head of Economic Sanctions Compliance, FCC High Risk Clients and Emerging Threats, Standard Chartered, examines the impact it will have on the industry.
Generative AI is fast disrupting traditional banking paradigms. By introducing capabilities that enable FIs to proactively simulate, predict, and respond, it is bringing both opportunities and challenges.
Unlocking new potential for tomorrow’s world…
Banking’s initial foray into AI, characterised by basic chatbots and simple task automation, was a foundational step. Now, the emergence of generative AI promises a revolutionary leap, vastly expanding the sector’s innovation frontier.
At its core, generative AI learns from existing data to produce new data patterns or content, such as images or text, and has the potential to redefine the banking sector in unprecedented ways. By leveraging advanced algorithms and vast data troves, banks can leverage the technology to optimise operations, introduce novel services, and mitigate risks more effectively than ever before.