Transforming Banking: How AI is crafting the future landscape

Artificial intelligence is reshaping banking by offering innovative solutions and enhancing financial inclusion. Banks can deliver superior services, minimize risks, and improve operational efficiency with AI. While AI applications in risk management, operations, and client relations are prevalent, the emerging Generative AI promises to elevate traditional banking above fintech rivals.

Generative AI equips banks with the tools to devise products and services that resonate with customer preferences. It also unlocks strategies from data, enabling the creation of compelling content and personalized customer recommendations.

Consolidated Bank Ghana's General Manager, Bill Yeboah Kyeremeh, highlights their use of generative AI. They've integrated an AI-powered "cheat sheet" for instant policy access and a customer-engaging chatbot. He notes the efficiency of AI, emphasizing its error minimization and continuity despite staff changes.

As Ghana's second-largest bank, Consolidated Bank harnesses data analytics and machine learning to cater to customer needs predictively. Kyeremeh envisions AI playing an even more significant role, shifting banking from mere service delivery to creating exhilarating customer experiences.

Neobanking, a digital-first banking model, leverages AI to deliver efficient, accessible, and cost-effective services, doubling as a financial literacy tool for the underbanked. Farshad Nowshadi, VP of eStrategy at Saman Bank, UK, emphasizes AI's role in customizing services, enhancing security, automating processes, and cutting costs, with savings ultimately benefiting customers.

Saman Bank, capitalizing on AI, offers a 24/7 virtual assistant, "Saman Bot," and utilizes AI in fraud detection and intelligent lending decisions. Nowshadi anticipates AI-driven innovation to continue, stressing the need for banks to leverage accurate data sets.

Citibank's Global Chief of AI, Prag Sharma, regards Generative AI as a groundbreaking step towards creating human-like machines, suggesting a future dominated by AI-enhanced tools. He believes that while AI promises advancements across sectors, a comprehensive understanding of its capabilities and limitations is paramount.

However, the AI revolution has challenges. The potential of generative AI to generate deceptive content risks banks' credibility. It can circumvent established security protocols.
Sharma stresses the necessity for AI usage guidelines, considering its dual-faceted nature. He underscores the importance of protective measures, especially for high-stakes applications. Nowshadi warns of pitfalls like algorithmic biases, security threats, job losses, and privacy concerns. He advocates a balanced approach, weighing AI's pros and cons before wholehearted adoption.

Kyeremeh touches on the ethical side, emphasizing the delicate balance between harnessing customer data for improved experiences and ensuring data privacy.
With AI's rapid advancement, the looming threat of job redundancies in the banking sector is real. Nowshadi believes banks should pivot towards tech and skill development to stay competitive.

Kyeremeh views effective communication as key in allaying AI-related anxieties, stressing its role in job enhancement and providing learning avenues.
The trio – Kyeremeh, Nowshadi, and Sharma – will share their insights at Gitex Global.

Kyeremeh sees Gitex Global as an opportunity for knowledge acquisition and networking. Nowshadi will delve into AI-driven banking trends, while Sharma views Gitex Global as a platform for AI discussions, knowledge exchange, and growth.

In essence, while Generative AI is poised to revolutionize banking with enhanced services and customer personalization, banks must embrace it judiciously, mindful of its challenges. Gitex Global is an instrumental forum for banking professionals, facilitating the industry's metamorphosis in this AI-empowered era.