The study suggests that banks can leverage generative AI technologies to improve productivity and save costs.
Artificial Intelligence is becoming integral to a host of industries, and banking is not far behind. Research by US-based MNC, Accenture has revealed that AI could improve productivity by up to 30 per cent and also increase operating income by 20 per cent.
Accenture conducted the study using publicly available employee data to estimate the impact of generative AI on bank employees and the financial implications for a bank over three years.
The research suggests that the adoption of generative AI technologies can help banks operate more efficiently, and it can even help banks save costs by up to 1 to 2 per cent. The study was conducted using data from the US Bureau of Labor Statistics and the Occupational Information Network to analyse 2.7 million banking employees and 170 roles and 3,500 tasks they perform to assess the impact of generative AI on labour productivity.
According to Manoj Singodia, MD and Lead – Financial Services, Accenture, India, “To unlock generative AI’s full potential, banks in India need to adopt a holistic and long-term strategy such that it integrates into their value chains. This will require reimagining traditional processes keeping AI at the core and building a robust foundation of data and digital powered by the cloud.”
The study has also analysed how generative AI can help evolve large roles at banks that can help with task automation by improving speed, and accuracy, and also reducing costs. Generative AI tools can also help with tasks like credit analysis, and 25 per cent of all bank employees can benefit from using AI technologies in streamlining tasks like automation, augmentation, and customer service.
Banks also seem to have found early success using generative AI technologies in analysing value-driven business cases, data management, and accessibility, and in deploying a secure AI-backed cloud infrastructure to leverage various benefits of AI technologies to deliver a digital banking experience.
Source:indianexpress.com