reduces application abandonment rates . It also provides secure verification without a paper trail by authenticating the customer ’ s ID with cloud-based AI , encrypting and storing the digital ID only on the customer ’ s mobile device .
Elias Ghanem GenAI has emerged prominently , garnering widespread attention and interest on a global scale . While its impact on data security and privacy remains a point of contention , banks are taking an optimistic , yet cautious approach , embarking to identify the most valuable use cases of GenAI .
However , the cost of not participating in the GenAI revolution will be more significant than the cost of grappling with potential risks as the technology develops .
Banks are actively conducting pilot studies to assess the impact of GenAI technology on various facets of their operations . A notable aspect is that many banks are using internal data to power use cases , improving employee output and productivity , but are not venturing to use customer information keeping in mind privacy and security concerns .
Use cases , particularly around code development and testing , and in assisting customer service teams , are increasingly being implemented . We expect more use cases and applications to emerge focusing on middle and back-office tasks in 2024 , while , in the front-office , GenAI will be utilised for improving customer experience . As these pilot programmes continue to deliver promising results , particularly in improving the productivity of lower-skilled employees , it is essential to acknowledge that this adoption is not without its costs . The demand for AI infrastructure , especially data centre services , currently
72 December 2023