The spending on generative AI (GenAI) by banks will reach $85 billion in 2030, from $6 billion globally in 2024 which is a 1,400% growth, as per a report.<\/p>\n
Leading banks will adopt generative AI services to offer more personalised user experiences, enabling them to provide increasingly compelling services at reduced cost, according to a report by Juniper Research.<\/p>\n
“Using AI at the heart of operations will enable banks to provide a differentiated and personalised user experience, while reducing costs. By not making AI a priority today, banks risk losing ground to competitors,” said research co-author Nick Maynard.<\/p>\n
Generative AI platforms learn patterns and structure from training data, and can create text, images and other media.<\/p>\n
The research found that generative AI will enable drastic change at banks by providing personalised spending insights and easier access to customer trends. Banks will increasingly shift to an AI-centric strategy, as these business models are essential to competing effectively in a highly dynamic banking environment, the report noted.<\/p>\n
“Banks must understand investment now is vital to GenAI, as this can ensure that banks have enough time to build the highest-value use cases, such as GenAI’s use within customer services and back-office roles,” the report mentioned. This investment will enable banks to gain a competitive advantage, as their costs reduce and user expectations around experience shift.<\/p>\n","protected":false},"excerpt":{"rendered":"
The spending on generative AI (GenAI) by banks will reach $85 billion in 2030, from $6 billion globally in 2024 which is a 1,400% growth, as per a report. Leading banks will adopt generative AI services to offer more personalised user experiences, enabling them to provide increasingly compelling services at reduced cost, according to a report by Juniper Research. “Using AI at the heart of operations will enable banks to provide a differentiated and personalised user experience, while reducing costs. By not making AI a priority today, banks risk losing ground to competitors,” said research co-author Nick Maynard. Generative AI […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[],"class_list":["post-800829","post","type-post","status-publish","format-standard","hentry","category-it-2"],"acf":[],"_links":{"self":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/comments?post=800829"}],"version-history":[{"count":0,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/posts\/800829\/revisions"}],"wp:attachment":[{"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/media?parent=800829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/categories?post=800829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/telecomlive.in\/web\/wp-json\/wp\/v2\/tags?post=800829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}