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❗AI's $1 Trillion Boost for Banks! According to a recent article on Consultancy.uk, industry leaders believe that AI has the potential to boost revenues in the banking sector by a staggering $1 trillion by 2030. Despite some scepticism and concerns over the hype surrounding new technologies, leading banks have already embraced AI innovation, positioning themselves ahead of the competition. Roland Berger's analysis reveals that AI capabilities could not only unlock substantial global banking revenue pools but also reduce costs associated with compliance, operations, and customer service by up to 25%. The survey also sheds light on where top executives anticipate AI's impact on a bank's value chain. A resounding 85% believe that AI will significantly enhance customer-facing activities, from sales to client services. Additionally, 66% foresee improvements in compliance and risk management, as well as IT operations. To maximise the benefits of AI, banks must make strategic choices in implementing the technology and identify areas within their organisations where it can have the most significant impact. Roland Berger's analysis of AI leaders in banking highlights key best practices driving early success. Notably, AI leaders are more focused on developing AI use cases (100%) and investing in robust AI and technology infrastructure (71%) compared to the industry average. One crucial aspect highlighted in the study is the importance of human talent in the AI transformation process. While there is a growing war for digital talent, AI leaders prioritise the sourcing and development of talent as part of their efforts, with 14% emphasising this compared to just 3% in the wider market. This underscores the significance of managing human AI talent, suggesting that firms prioritising this aspect will likely emerge ahead in the mainstream adoption of AI technology. Exciting times lie ahead for the banking sector as AI continues to demonstrate its potential for transformative growth. With 49% of banking executives expecting AI to impact the sector by the end of 2025, the momentum is building, and it's crucial for banks to strategize and invest wisely in AI to stay ahead in this dynamic landscape. 🌐💡 🔗 Full article: https://lnkd.in/eY5x8sdY #AIinBanking #DigitalTransformation #FutureOfFinance #RolandBerger

A new report cites budget constraints, legacy tech, regulatory challenges and a lack of operational agility as barriers to modernisation in banking. Read more https://lnkd.in/ez59nksi #AI #digitaltransformation #banking

The American Banker Digital Banking conference highlighted AI's pivotal role in transforming banking, underscored by McKinsey's insights as the knowledge partner. Navigating AI deployment in banking demands addressing challenges like ROI demonstration, differentiation from competitors, and successful transformation efforts amidst industry headwinds. Banks must not only harness AI's potential for revenue generation and cost reduction but also strategically reallocate investments and prioritize robust change management. #Banking

Banking on the Future: How AI is Shaping Financial Frontiers In the fast-paced realm of finance, one name seems to echo louder than others in the AI arena: JPMorgan Chase. A recent report highlights how the banking giant is at the forefront of artificial intelligence adoption, setting a pace few can match. With thought leaders like Hani Hagras from Temenos making waves, it's clear that AI's impact on banking apps is nothing short of revolutionary. From enhancing fraud detection to transforming customer experiences, the potential for unique financial services is as vast as it is exciting. Amidst this technologically charged ambiance, there are whispers of a significant rise in productivity—a potential boost between 22-30%, thanks to AI innovations. Yet, as banks leap forward, they tread carefully, mindful of global AI governance. Governments and regulators worldwide are striving to establish robust regulations that ensure AI's power is harnessed safely and effectively. Meanwhile, community and mid-sized banks face challenges, outlined in the Jones Walker survey, which urges these institutions to refine their third-party practices. As the lure of AI promises continues to captivate, the bigger question remains unanswered: Can banks get their customers on board, and will innovation sail through regulatory waters? As banking giants like Citi embrace partnerships with tech leaders to migrate apps and adopt AI, and as public filings like Klarna's open up new avenues, the landscape ahead promises to be both challenging and exhilarating. The conversation on AI’s role in finance is just beginning. Will it lead us to a future where instant payments and comprehensive AI integration become standard? Only time will tell. Sources: Temenos- https://www.temenos.com #BankingInnovation, #AIinFinance

These trends highlight 2024's key banking trends, with a focus on the rise of psychographic hyper-personalization, the acceleration of neo-banking, and the maturation of open banking. Uncover strategies for traditional banks to navigate these trends and thrive in a changing landscape. --> https://lnkd.in/gKgfVxWP #BankingTrends #2024trends #HyperPersonalization #AI #NeoBanking Vijay KumarAroop RayKiran ChariRajesh ManiKeith Weir

Personetics’ President of Americas, Jody Bhagat, walks through AI’s impact on banking with insights on the potential of data-driven personalization. Taking to the stage at Citi’s 2024 FinTech Conference, President of Americas at Personetic, Jody Bhagat, explored the significant impact of data-driven personalisation on driving greater customer experiences, looking ahead to the further innovative potential of AI in banking. Indeed, greater personalisation has been made possible with new cutting-edge know your customer (KYC) tools, which Bhagat and Personetics have been pioneering for the financial services industry. He told us more about the ways Personetics is empowering financial institutions at Money20/20 USA 2023. Now, Jody talks about the benefits banks are seeing by tapping into data and gaining deeper customer understanding. Transaction data: A goldmine for banks Having traditionally relied on conventional sources of data, including insights on browsing behaviour and credit bureau information, today, banks are unlocking the large repositories of transaction data they already possess. “This is a far richer vein; a goldmine,” says Jody, and something Personetics unlocks for its clients. “By analysing deposits, card usage and payment patterns, we gain amazing …

As banks and financial institutions continue to integrate AI tools, the industry is on the brink of unprecedented change. This transformation will impact all aspects of the industry, from leadership strategies to task execution by the workforce. Recent surveys indicate that almost 50% of retail banking consumers in the United States are considering Big Tech as an alternative to traditional banks due to pain points. Can AI be the solution to revolutionize the retail banking experience for good? Despite the promise of AI, the financial industry must overcome several hurdles, including cybersecurity challenges, technology limitations, and consumer mistrust, to deliver on its potential. The road ahead may be challenging, but with the right approach, AI could be the key to unlocking a better future for the financial industry. #ai #artificialintelligence #banking #retail #retailbanking #fintech #fintechs #payment #payments Akhil Rao Rakesh Verma Arjun Vir Singh RAKTIM SINGH Mohamed Roushdy, MBA Helal Tariq Lootah Saleh ALhammad Dr. Vivek Agrawal Sam Boboev Walter Pereira Pratik Bubna Ankit Sharma Feroz Khan Shafique R Ibrahim Marwan Nader MEHDI SARDAOUI Saleh Al-Tamami Jasim Shaikh Sanchit Agarwal Varun A. Altaf Ahmed Ravi Shankar Gupta Tam Luong 🇻🇳 Nimish Dwivedi Monica Jasuja Sagrika Shah Ritu Prasad Ritu Verma Esmahan Hakkak Nadine A. Jaafar Asheeta Regidi Akshata Namjoshi Javier Buitrago Guillermo Vázquez Narendra Nandal Abhishek Varshney Rahul Kanotra Mathan Pallikkarakaran Dhiran Bhojwani Faseeh Khan

According to banking leaders polled by Roland Berger, AI capabilities could unlock $1 trillion in global banking revenue pools by 2030 – while decreasing costs associated with compliance, operations and customer service by as much as 25%. With 49% of banking executives also saying they expect AI to finally impact the sector by the end of 2025, it is clear they expect big things too. The difficulty may just be not knowing where to start. #ai #banking #financialservices

According to banking leaders polled by Roland Berger, AI capabilities could unlock $1 trillion in global banking revenue pools by 2030 – while decreasing costs associated with compliance, operations and customer service by as much as 25%. #generativeai #ai #genai #banking #banks

Banks anticipate digital, AI, and ESG trends in 2025 Read the full article here: https://bit.ly/4fKQYlG ● Traditional branches will be replaced by digital-first banking models and apps. ● AI insights will personalise banking products and enhance customer engagement. ● Banks will integrate ESG criteria to meet sustainability demand. #banking2025 #digitaltransformation #AIbanking #sustainablebanking #techinfinance #fintechtrends #bankingrevolution #futurefinance #bankingtrends #digitalbanking #AIinfinance #ESGcriteria #financialinnovation #futureofbanking #sustainablefinance