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Navigating the Banking Sector’s AI Shift

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International Finance

Navigating the Banking Sector’s AI Shift

AI and ML can be used in various aspects of banking, including fraud detection, customer service, credit risk assessment and personalization

In 2023, the spotlight shone brightly on generative AI and other robust language model-based (LLMs) tools, as they not only proved to be lucrative for the tech sector but also catalyzed a transformative wave throughout the global economy.

There isn’t any sector that wasn’t affected by the disruptive innovation. For example, take the banking sector, you have technology changing the game called ‘Customer Interactions’. In 2020, a study on AI in Financial Services conducted by the World Economic Forum in collaboration with the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School found that 85% of the surveyed financial services are utilizing AI in some form within their company.

Jump forward in 2024, financial institutions have understood the need to adapt to the rapidly evolving technological landscape and gain the market edge. The stakeholders need to carry on the push by keeping the investments time and capital going.

As per Chris Tapley, Vice-President of the Financial Services Consulting at the US-based EPAM Systems, financial ventures need to pay attention to the challenging economic environment that is pressuring them to protect the bottom line while delivering the quality and scope of services customers expect.

“Therefore, many banks must take direct and deliberate steps to significantly revise their technology stacks and operational processes to control current costs, optimize near-term revenue and position themselves for future growth,” Tapley stated further in his article, written for the Global Banking and Finance Review.

Read the full article here.

Learn how EPAM helps financial services companies keep pace with emerging technologies, rising customer expectations and ever-changing regulations here.

Discover how to leverage generative AI for enterprise transformation here.