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Overview:

Generative AI, or artificially intelligent artificial intelligence (AI), refers to machine learning techniques used to generate content via algorithms rather than solely using historical data for the creation of documents, reports, customer interactions, or entire trading strategies. When applied in the banking context it entails using AI models to produce financial documents, reports, customer interactions or entire trading strategies which aim to increase efficiency, accuracy, and personalization within banking operations.

Generative AI in Banking Industry size is expected to be worth around USD 9,724.5 Mn by 2032 from USD 616.3 Mn in 2022, growing at a CAGR of 32.7%. during the forecast period from 2023 to 2032.

Key Market Segments

Based on Technology

• Natural Language Processing
• Deep Learning
• Reinforcement Learning
• Generative Adversarial Networks
• Computer Vision
• Predictive Analytics

Based on End-User

• Retail Banking Customers
• Small and Medium Enterprises
• Investment Professionals
• Compliance and Risk Management Teams
• Operations and Process Optimization
• Executives and Decision Makers

Future Developments:

Looking ahead, generative AI could completely change how banks interact with customers and manage operations. We may see further advancements in AI models, enabling them to produce even more complex financial documents and reports. In addition, enhanced data privacy and security measures must be put in place in order to guarantee its responsible use; furthermore, generative AI may play a crucial part in creating AI-driven investment strategies and predictive analytics for banking operations.

Market Key Players

• OpenAI
• Google
• IBM
• Microsoft
• Salesforce
• Amazon Web Services
• Traditional Banking Institutions
• Other Key Players