TECH - Banking Industry Has Most To Gain From Development Of Generative AI Says Moody's Analytics | Benzinga
Artificial Intelligence is likely to be adopted in the coming years across all major industry sectors, but it’s the banking industry that analysts believe has the most to gain.
While banks are likely less attractive places of employment for AI technologists than developers such as Amazon.com Inc (NASDAQ:AMZN) or OpenAI, financial services companies are already partnering with these developers to leverage the technology in applications such as risk management, portfolio monitoring and regulatory compliance.
Technology budgets are rising — in 2019 JPMorgan Chase & Co (NYSE:JPM) dedicated $11.4 billion to research how AI can eradicate financial crime, improve client experience and securely manage data, among other areas.
Others, such as Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC) have launched chatbots to provide mobile customer services.
“The banking sector’s readiness for Generative AI is evident in its sustained ...