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UK banks bet on generative AI 'co-pilots'

Away from the HR dramas of OpenAI, banks are piloting numerous projects to make use of the exciting technology

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A majority of banks are piloting new products and tools using generative AI, according to a new study.

Nearly three-quarters (70 per cent) of firms surveyed in the research, which was sponsored by Oliver Wyamn,  said they are at the pilot stage for generative ‘co-pilots’.

These tend to be focused on content production and employee efficiency tools, rather than anything directly customer facing.

Three-quarters (75 per cent) of FS firms believe they will benefit from generative AI – with the biggest opportunities expected from productivity improvement and operational effectiveness rather than customer-facing, revenue-related, use cases.

Nonetheless, the figures demonstrate the enthusiasm for the technology among bank execs just one year after the generative AI boom began its period of acceleration when OpenAi launched ChatGPT’s version 3.5.

“Generative AI is a new horizon for financial services, with clear opportunities for firms, from boosting productivity and growth, to improving the experience for customers," Jana Mackintosh, managing director of payments, innovation and resilience at UK Finance, said.

“At the same time, however, FS firms are clear-eyed about the risks. The sector has been using predictive AI for years, and firms have enhanced their risk management processes to make sure the technology only ever adds to their accuracy, security and offering for customers. And the majority are already upgrading these processes to lock down the risks from generative AI," she added.

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