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According to Juniper Research, banks worldwide will spend more than $6 billion in 2024 to adopt GenAI software, and investment is expected to increase to $85 billion in 2030.
Banks and financial institutions are aware of the great opportunities that AI applied to language offers, especially at the strategic level. However, they must be able to confront the challenges that these technologies present, from the point of introduction to implementation. This requires managing the expectations of users and business stakeholders, setting realistic goals and, critically, managing the costs and risks of evolving software tools.
Here, the approach to AI could not be more important. Organizations must be able to distinguish the practical capabilities from the hype, to carefully identify the areas where AI can bring the most value and avoid overpromising, and to assess the concrete ways that AI can improve processes.