BANKING

surpasses supply due to the resourceintensive nature of developing and operating large language models .

Critical strategic decisions facing banks include the decision of whether to build AI capabilities in house , partner with external providers or adopt a hybrid strategy . Banks will also have to re-look at their talent pipeline and prioritise hiring and upskilling staff in AI skills and capabilities .

Finally , ethics will be a key consideration as the GenAI landscape matures . While most banks have existing governance frameworks , they need to account for new risk elements that emerge . Clear governance frameworks around policies , ethics and usage will be crucial for deploying GenAI and large language models .

Ville Sointu In 2024 , open banking will reach unprecedented levels of interconnectedness as insights and solutions from traditional financial institutions , fintechs and businesses converge more seamlessly . From a provider perspective , the widespread distribution of APIs is levelling the playing field , fostering increased innovation , new revenue streams and robust competition . For consumers , the seamless flow of data among these entities translates into expanded opportunities and more control over their financial wellbeing .

However , compliance and safeguarding customer rights will emerge as pivotal concerns in 2024 . Navigating the intricate web of sanctions and regulations across

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