The news: US banks have “some work to do” before they can embrace AI-powered tools like ChatGPT, according to Bank of America CEO Brian Moynihan.
Banks approach AI apps with caution: Bank of America has already banned staff from business use of ChatGPT. Other banks have done the same, including:
How can banks prepare for AI’s rise? Despite wariness around using third-party AI technologies, banks are investing heavily in the space. Retail banks are forecast to spend $4.9 billion on AI platforms by 2024, growing 21.8% compounded annually from 2019, per GlobalData research.
However, it will take time for banks to fully benefit from the tech’s disruptive impact. Here’s how lenders can embrace generative AI:
Keep reading: To find out how banks can prepare for the rise of generative AI, check out our ChatGPT and Generative AI in Banking report.
This article originally appeared in Insider Intelligence’s Banking Innovation Briefing—a daily recap of top stories reshaping the banking industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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