AI IN BANKING – KEY FACTS
Large Language Models ( LLMs ) are estimated to provide a 40 % productivity gain in tasks such as summarisation , content generation and code generation .
AI is projected to add a 14 % increase to global GDP by 2030 , equivalent to a growth of US $ 15.7tn .
Gen AI is being used to modernise legacy systems in banks , potentially reducing the time and cost of such projects by over 50 %.
Only 52 % of workers trust that AI will be deployed responsibly , according to a 2024 Workday report .
At least 5 countries have AI regulations , and two-thirds of the world ’ s countries have privacy and data governance laws .
Banks aim to provide 24 / 7 support to customers using AI-powered customer service .
IBM is working on modernising the core mortgage platform for 1 UK building society using Gen AI .
The top 3 use cases for Gen AI in financial services are customer service , risk management , and software development .