[PODCAST]: Credit Shift: News Update Living Wage, Energy Concerns, and AI in Banking

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Google Cloud recently conducted a survey on the use of Generative AI (Gen AI) in the banking industry, revealing exciting trends and opportunities. Over 350 banking executives and 2,000 banking customers participated in the survey. Gen AI is expected to bring increased operational efficiency and cost savings, with national banks foreseeing 61% to 80% cost savings in the next five years. Moreover, it is being integrated into various aspects of the industry, including generating content for employee productivity, marketing, code creation, summarizing complex financial data, and enhancing chatbots. This technology is predicted to drive revenue growth by improving investment research, marketing, customer segmentation, and customer acquisition and retention strategies.

Key Points and Ideas

Gen AI is gaining traction in the banking sector, with many executives in the proof of concept stag...

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