Gartner® Innovation Insight: What Banking CIOs Must Know When Adopting Generative AI
Generative AI is a truly transformative technology that is unlocking tremendous opportunities for banks - as well as creating unpredictable risks. The 2024 Gartner CIO and Technology Executive Survey shows that 5% of CIOs in banking have already deployed GenAI, and another 37% are planning to deploy in the next 12 months". Whether it is on your roadmap or not - the impact will be unavoidable. To help banking tech leaders prepare for the change that is coming to the industry, we are sharing a must-read report from Gartner that is packed with insights into how to make the most of emerging GenAI applications.
What will you learn? Here are our takeaways:
Find out how many banks are planning to adopt GenAI. "By 2028, GenAI will be embedded in more than 80% of banking products and solutions, allowing customers to contextualize offerings and advice."
Discover which use cases senior banking executives are prioritizing, including "code generation, fraud prevention, contact center assistants, personalized products and marketing content generation".
"The risks that banking CIOs are most concerned about include the misuse of AI for fraud, model hallucinations, data privacy risks and output biases."
Details of the current and planned adoption of GenAI in banking and investment services, which is expected to increase as leaders better understand its capabilities and applications.
Discover more about GenAI’s disruptive effect on areas such as compliance, customer experience, the automation of manual work, or content discovery and creation.
Download Gartner® report on the GenAI revolution in banking
The numbers
Banking CIOs focused on deploying GenAI to create business value should fast track the GenAI journey by selecting use cases such as fraud prevention that provide real benefits to the business while equally considering their feasibility and internal- and external-market readiness.
Planning for change
"Establish a cross-functional governance board to craft a policy for safe experimentation and usage of GenAI capabilities by identifying use cases for experimentation, ensuring proper control and oversight through human verification, clear decision rights and disclosure obligations." Discover other recommendations by reading the full report.
Related articles
Gartner, Innovation Insight: What Banking CIOs Must Know When Adopting Generative AI, Jasleen Kaur Sindhu and 2 others, 30 November 2023
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and is used herein with permission. All rights reserved.