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    Banks to embrace GenAI to improve payment customer service globally

    Spend on Generative AI (GenAI) by banks will reach $85bn in 2030, from $6bn globally in 2024, as leading banks adopt the tech to offer more personalised user experiences and enabling banks to provide increasingly compelling services at reduced cost.

    GenAI platforms learn patterns and structure from training data, and can create text, images and other media. Common use cases include ingesting text and data, and summarising them, or generating content for communicating with customers within LLMs (Large Language Models).

    Find out more about the new report: Global Generative AI in Banking Market 2024-2030, or download a free sample.

    Generative AI to transform banking business models

    The research found 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.

    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. This investment will enable banks to gain a competitive advantage, as their costs reduce and user expectations around experience shift.

    Research co-author Nick Maynard explains: “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.”

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