GenAI in Banking: A Reality Check and Path to Value

GenAI has exploded onto the scene in the last couple of years, becoming arguably one of the most transformative technologies of our lifetime. It’s no surprise that organizations worldwide are pouring significant investments into its promise of:

• Increased productivity
• Streamlined efficiency
• Improved service quality
• Enhanced innovation

But a recent BCG survey reveals a stark reality: While three out of four executives rank AI/GenAI as a top priority, only one in four are seeing significant ROI.

So Here’s the Million-Dollar Question: What's Behind the AI Impact Gap?

If 25% of organizations are already reaping the rewards, the technology itself isn't at fault. Could the missing link be a deeper understanding of:

• What GenAI really is?
• How it truly delivers value within an organization?
• What strategic, organizational, and technological shifts are needed for genuine transformation?

Given GenAI's relatively recent mainstream adoption, this knowledge gap is understandable.

Seeking Clarity in Finance: The Swiss Bankers Association Weighs In

To address these critical questions specifically for the financial sector, the Swiss Bankers Association (SBA) has just released a comprehensive overview: "Generative AI in Banking – A Comprehensive Overview."

What's Inside? A Sneak Peek:

This educational and insightful report goes beyond the hype, offering a practical roadmap for banks aiming to leverage GenAI responsibly. It breaks down the essential elements for success:

• Strategic considerations: Aligning GenAI with business goals.
• Organizational aspects: Fostering the right culture and managing change.
• Technological foundations: Building the necessary infrastructure.
• Risk management: Navigating compliance and ethical concerns.
• Future outlook: Exploring the potential of agentic AI.

If your financial institution is looking to move beyond GenAI experimentation and towards realizing tangible benefits, this SBA report is a must-read, providing a structured approach to navigating this complex landscape and bridging that critical impact gap.

From RAG to Riches

Ultimately, the big question on everyone's mind is: How do we translate the broad power of GenAI into tangible value that's uniquely tailored to our bank's specific needs and data? Not surprisingly, the SBA report identified Retrieval Augmented Generation (RAG) as a big piece of the answer.

If you are new to RAG, think of it as a smart way to infuse your GenAI applications with your institution's proprietary knowledge. By intelligently combining the general understanding of large language models with your internal data resources, you can create more accurate, relevant, and ultimately more impactful solutions – like next-level chatbots and internal knowledge systems.

Exploring the potential of RAG could be a significant step in making GenAI a truly strategic asset for your financial future."

Beyond the Hype: Addressing Real Pain Points in Banking with GenAI

While the Swiss Bankers Association report provides a comprehensive framework for understanding and implementing GenAI in the banking sector, many institutions are now looking for more granular insights into specific applications and the practicalities of deployment.

We recently published a 'Technical Essentials Guide' that offers a deep dive into how Enterprise GenAI, particularly when coupled with the power of knowledge graphs, can directly address some of the most pressing challenges within banking and financial services.

If you haven’t done so yet, download our guide today for a deep dive into tangible challenges that banks and financial institutions face daily, and crucially, how Enterprise GenAI offers concrete solutions. This report highlights how GenAI tackles critical issues head-on:

• Breaking Down Data Silos & Information Overload: Tired of hunting through disparate systems? Learn how semantic search and GraphRAG can provide a holistic view of your data, leading to faster, better-informed decisions.
• Navigating Security & Compliance Nightmares: Worried about deploying GenAI with sensitive data? Discover how anomaly detection, proactive risk assessment, and automated compliance reporting can enhance GenAI security and ease regulatory burdens.
• Elevating the Customer Experience: Customers demand personalized and seamless interactions. Explore how AI-powered chatbots and tailored recommendations can boost satisfaction and loyalty.
• Tackling Operational Inefficiencies: Manual tasks bogging down your teams? See how GenAI can automate routine processes like data entry, document processing, client meeting prep, and report generation, freeing up valuable resources.
• Bridging the Talent & Skill Gaps: Struggling to find and retain skilled IT professionals? Learn how GenAI can augment existing teams, accelerate employee onboarding, and empower employees with faster access to critical information.
• Streamlining the Audit Process: Are you dreading the next audit? Discover how GenAI can support risk, audit, and compliance management, automating data gathering and report generation, making audits faster, more efficient, and less stressful.

Our guide, "Transforming Banking & Financial Services With Enterprise GenAI" provides the practical roadmap you need to explore concrete applications of GenAI within your organization.

Discover actionable use cases, from empowering your advisors with instant insights to automating critical compliance workflows, alongside proven strategies for deploying and scaling GenAI initiatives securely and successfully.

Ready to unlock these possibilities? Download your complimentary guide here: https://squirro.com/generative-ai-in-financial-services

Curious to see how this translates into real-world impact? Schedule a personalized demo with our experts today to witness the platform in action.