Asian banks eye the next wave of AI

Generative AI was a hot topic in 2023 and will be again this year. While the tech will help the market, institutions should build talent and assess the risks before scaling up.
Generative artificial intelligence gen AI, known for its content creating capabilities, is based on strong learning and generative models, and has emerged over the past year as a key technological advancement which could impact almost all industries.
 
Among banks, gen AI holds the potential of creating between $200-340 billion in value, according to a prediction from consulting firm McKinsey. Corporate banking, retail banking and software engineering are among the top business sectors that are predicted to benefit. 
 
While AI technologies have offered promising returns, Violet Chung, senior partner at McKinsey, suggested that banks and other...
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