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How Banks can maximize the value of GenAI, Imperative #2: Develop a secure AI-enabled digital core. A modern “digital core” that leverages the powers of cloud, data and AI through an interoperable set of systems across the bank, is essential to allow for rapid development of new capabilities and hence to get the most out of generative AI. Only few banks have their digital core ready - we asked 240 bank execs about the readiness of their digital core within a range of 0 and 1, 82% have a score between 0.2 and 0.6. And this is underpinned by our survey finding that 47% of exec sponsors list “Getting their Data Strategy right” as one of their greatest challenges as they strive to implement and use GenAI. Here are the actions for banks to understand & further develop their digital core: 1) Assess the complete inventory of unstructured data across the organization 2) Start to move this data into vector databases and scale them with precision required for real-time analytics 3) Ideally start moving towards data-as-a-service models and allow employees and devs to access via internal marketplaces 4) Evolve security protocols to address complexities that come with diverse data access 5) Test various architectures to find the best fit for each use case and plan the model’s lifecycle from experimentation to scaling and phase-out (“Model switchboard”)   Read the whole Accenture study "Banking in the age of generative AI": https://lnkd.in/dPsADS-3 Three more imperatives to come! #GenAI #Banking Lukas Kölbl, Kyriakos Voutsas, Stefan Donsa, Alex Wallner, Sandra Golser, Albert Moik, Thomas Raffelsberger, Bettina Türk, David Cordero

"Charting the Banking Future: The Role of Generative AI" Official Link: https://lnkd.in/g-XFVKXM The insightful report titled "Charting the Banking Future", explores the transformative potential of Generative AI in the banking sector. The report highlights how Generative AI is revolutionizing customer experience, improving operational efficiency, and strengthening risk management. With over 55% of global #CEOs actively experimenting with this technology, it's clear that the banking industry is on the brink of a major transformation. Key takeaways consist of: - Diverse Use Cases: From fraud detection to personalized banking services, Generative AI is set to redefine how #banks interact with clients and manage operations. - Ethical Considerations: The report addresses the critical need for robust governance and ethical frameworks as #AI adoption increases. - Future Trends: The integration of advanced technologies promises to streamline processes and create innovative solutions. A must-read for banking specialists keen on embracing the future of #finance. Thank you Infosys Finacle Zvonimir Filjak Tony Moroney Sam Boboev Arjun Vir Singh Prasanna Lohar #GenerativeAI #banking #digitaltransformation #AI #innovation

"Charting the Banking Future: The Role of Generative AI" Official Link: https://lnkd.in/g-XFVKXM The insightful report titled "Charting the Banking Future", explores the transformative potential of Generative AI in the banking sector. The report highlights how Generative AI is revolutionizing customer experience, improving operational efficiency, and strengthening risk management. With over 55% of global #CEOs actively experimenting with this technology, it's clear that the banking industry is on the brink of a major transformation. Key takeaways consist of: - Diverse Use Cases: From fraud detection to personalized banking services, Generative AI is set to redefine how #banks interact with clients and manage operations. - Ethical Considerations: The report addresses the critical need for robust governance and ethical frameworks as #AI adoption increases. - Future Trends: The integration of advanced technologies promises to streamline processes and create innovative solutions. A must-read for banking specialists keen on embracing the future of #finance. Thank you Infosys Finacle Zvonimir Filjak Tony Moroney Sam Boboev Arjun Vir Singh Prasanna Lohar #GenerativeAI #banking #digitaltransformation #AI #innovation

Generative AI has the power to transform banking. But banks must act fast, according to a recent report. From big tech companies competing for a share of the business to fraudsters using the technology maliciously, the race is on to harness the power of AI. Read more: https://lnkd.in/eWTuwQP3 Partner Content by Sopra Steria #generativeAI #bankinginnovation #fintech

As the financial industry continues to navigate the complexities of digital transformation, the integration of generative AI is proving to be a game-changer. A recent McKinsey & Company article delves into scaling gen AI in banking, exploring the best operating models to maximize its potential. This comprehensive guide highlights the crucial steps for banks to implement and scale AI technologies effectively. Temenos's latest innovation, the launch of the first responsible generative AI solutions for core banking, is particularly exciting. Temenos's approach ensures that these advanced AI capabilities are implemented, emphasising data privacy and ethical considerations and setting a new standard in the industry. Choosing the right operating model is key to harnessing the full power of generative AI, and Temenos's solutions exemplify how responsible AI practices can drive innovation while safeguarding customer trust. Curious about how generative AI can transform banking operations and enhance customer experiences? Check out the insights from McKinsey and see how Temenos is leading the way: 🔗 https://lnkd.in/eR4MdsZd 🔗 https://lnkd.in/eay3pSXN What are your thoughts on the future of AI in banking? How can we ensure these technologies remain both innovative and ethical? #AIinBanking #GenerativeAI #DataPrivacy #FintechInnovation #EthicalAI

Emerging technologies like Gen AI have a huge potential for banking and financial services, from customer support to product development and portfolio optimisation. But what stands in their way to build and extend their competitive advantage using these technologies? 𝗚𝗲𝗻 𝗔𝗜 𝗰𝗮𝗻𝗻𝗼𝘁 𝗹𝗶𝘃𝗲 𝗶𝗻 𝗶𝘀𝗼𝗹𝗮𝘁𝗶𝗼𝗻, 𝗶𝗻 𝗮𝗻 𝗶𝘀𝗹𝗮𝗻𝗱 𝗼𝗳 𝗶𝘁𝘀 𝗼𝘄𝗻. It needs to integrate with the rest of the banking platforms, consume internal and external data, and make it's results consumable by users and other systems on banking platforms. 𝗥𝗲𝗮𝗱𝗶𝗻𝗲𝘀𝘀 𝗼𝗳 𝗯𝗮𝗻𝗸𝗶𝗻𝗴 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝘁𝗼 𝗶𝗻𝘁𝗲𝗿𝗼𝗽𝗲𝗿𝗮𝘁𝗲 𝘄𝗶𝘁𝗵 𝗚𝗲𝗻 𝗔𝗜 tools and services is crucial for the general availability of Gen AI within a bank. Without that, Gen AI may only exist in pockets of innovation, delivering suboptimal value. 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗮𝗻𝗱 𝘁𝗲𝗰𝗵𝗻𝗼𝗹𝗼𝗴𝘆 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗺𝗼𝗱𝗲𝗹𝘀 𝗺𝗮𝘆 𝗻𝗲𝗲𝗱 𝘁𝗼 𝗰𝗵𝗮𝗻𝗴𝗲 𝗮𝘀 𝘄𝗲𝗹𝗹. The underlying focus should remain on low friction, high confidence, reducing risk and increasing business value. #genai #ai #banking #technology #digital https://lnkd.in/dFYJDv-3

The banking industry is ready to embrace AI but, as with any new and rapidly evolving technology, especially in a highly regulated sector like financial services, it can be easy to feel overwhelmed. Based on Avanade’s own experience using #AI internally and with the work we’ve done with our clients around the world, we’ve got real-world common-sense and risk-adverse ways to begin to experience the benefits of #ArtificialIntelligence. https://lnkd.in/ecQKxX7A Discover more insights in the blog article of our Tim Groulx. #banking #digitalbanking #AvanadeInnovates

How bank CIOs can build a solid foundation for Generative AI Banks are increasingly embracing generative AI for internal operations and customer interactions, with over 80% planning to reshape their data architectures. However, scaling up requires a strong strategy, data analytics talent expansion, and the right operating model. CIOs must manage cost, resources, and the bank's risk profile effectively while promoting innovation to create value for customers and the bank. Generative AI is expected to significantly alter banking processes and customer interactions, but smart deployment can enhance customer service and improve economics for banks. Read more at 👇 https://okt.to/ludG26 #GenerativeAI #Banking- #technology #banks #genai

Generative AI will disrupt many banking processes and how banks interact with their customers. Scaling up generative AI requires shaping a strong strategy, developing the right sequence of use cases, expanding data analytics talent, engineering the appropriate operating model, and adding the most suitable technology architecture. #generativeai #banking https://lnkd.in/g9wj-D5Y

TD is rolling out its first real-world generative AI platforms as global lenders race to test the technology and its impact on the financial sector. Banks and the industry’s regulators have been working to understand the technology’s application in the sector, and how to safeguard lenders from potential risks. #banking #AI