Products

EMARKETER delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions.
PRO+
New data sets, deeper insights, and flexible data visualizations.
Learn More
Reports
In-depth analysis, benchmarks and shorter spotlights on digital trends.
Learn More
Forecasts
Interactive projections with 10k+ metrics on market trends, & consumer behavior.
Learn More
Charts
Proprietary data and over 3,000 third-party sources about the most important topics.
Learn More
Industry KPIs
Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce.
Learn More
Briefings
Client-only email newsletters with analysis and takeaways from the daily news.
Learn More
Analyst Access Program
Exclusive time with the thought leaders who craft our research.
Learn More

About EMARKETER

Our goal is to unlock digital opportunities for our clients with the world’s most trusted forecasts, analysis, and benchmarks. Spanning five core coverage areas and dozens of industries, our research on digital transformation is exhaustive.
Our Story
Learn more about our mission and how EMARKETER came to be.
Learn More
Methodology
Rigorous proprietary data vetting strips biases and produces superior insights.
Learn More
Our People
Take a look into our corporate culture and view our open roles.
Join the Team
Contact Us
Speak to a member of our team to learn more about EMARKETER.
Contact Us
Newsroom
See our latest press releases, news articles or download our press kit.
Learn More
Advertising & Sponsorship Opportunities
Reach an engaged audience of decision-makers.
Learn More
Events
Browse our upcoming and past events, recent podcasts, and other featured resources.
Learn More
Podcasts
Tune in to EMARKETER's daily, weekly, and monthly podcasts.
Learn More

ChatGPT and Generative AI in Banking

Reality, Hype, What’s Next, and How to Prepare

Download
Share
About This Report
ChatGPT is the talk of 2023. In the banking industry, generative AI technology has promising use cases in marketing and customer service, and it has the potential to make machine learning applications more accurate and efficient.
Table of Contents

Executive Summary

ChatGPT, a generative AI-powered conversational chatbot developed by OpenAI, is the talk of 2023. In the banking industry, generative AI will help create marketing images and text, answer customer queries via virtual assistants, and produce data that will make machine learning applications more accurate and efficient.

Where will generative AI have the biggest impact?

Generative AI could revolutionize various verticals within banking. Here's our take on the top four areas where the technology could have the greatest impact.

  • Retail banking and wealth. The sheer volume of new accounts opened any given day at large financial institutions demands more effective, efficient know-your-customer (KYC) processes. Generative AI can create synthetic data to help train the machine learning algorithms behind KYC. It can also help create more accurate natural language models for virtual assistants.
  • SMB banking. Beyond enabling more sophisticated virtual assistants, generative AI will help interpret small business loan applications that contain nonnumeric data—business plans, for example.
  • Commercial banking. Generative AI will speed up back-office tasks in commercial banking, such as answering questions in real time about a customer’s financial performance in complex scenarios. It might also help train forecasting algorithms by augmenting sparse data on business performance under certain economic conditions.
  • Investment banking and capital markets. Generative AI could help banks stress test balance sheets that contain complex, illiquid financial products. By synthesizing test data on a variety of scenarios, the technology could help make financial stability measures more precise and lower the cost of compliance.

Here’s what’s in the full report

1file

Exportable files for easy reading, analysis and sharing.

Table of Contents

  1. Executive Summary
  2. Where will generative AI have the biggest impact?
  3. What are the most promising use cases for generative AI in banking?
  1. But generative AI isn’t suitable for some banking applications.
  2. How should the banking industry prepare for the rise of generative AI?
  3. Sources
  1. Media Gallery

authors

Tyler Brown

Contributors

Eleni Digalaki
Principal Analyst
Yoram Wurmser
Principal Analyst
Already have a subscription?Sign In

Access All Charts and Data

Gain access to reliable data presented in clear and intelligible displays for quick understanding and decision making on the most important topics related to your industry

Become a Client