Accenture's BIG Claim On Using AI In Bank: Report Shows Generative AI Could Boost Bank Productivity & Revenue
accenture’s big claim on using ai in bank: report shows generative ai could boost bank productivity & revenue
Artificial Intelligence (AI) has become talk-of-the-town since its launch. Insights from different experts and firms shed light that it will be on top in the future. A recent report by IT giant Accenture reveals surprising data.
What Is In Accenture Report?
Accenture’s report suggests that banks have a good opportunity to enhance employee productivity and increase revenues by incorporating generative AI (GenAI) into their operations.
How Accenture Came To This Conclusion?
To find the outcome of the research, Accenture analyzed publicly available employee data to calculate the potential impact of generative AI on various banking tasks.
Which Banks Are Covered Under This?
Their study covered over 150 major banks globally, including both public and private sector banks in India, spanning a three-year period.
What Is In Research?
According to the research, banks that swiftly implement and scale generative AI across their organizations could witness a revenue increase of up to 600 basis points (bps) within three years.
Findings Of Research
The report highlights that effective adoption and scaling of generative AI could enhance employee productivity by up to 30 percent, particularly by streamlining language-related tasks.
Furthermore, it suggests that operating income could see a boost of around 20 percent, with return on equity potentially rising by 300 bps.
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Other Benefits Of AI
Additionally, the technology could lead to cost savings of 1-2 percent, with cost-to-income ratios potentially declining by up to 400 bps. This finding shows that the use the technology making banks is more efficient.
How AI Can Be Used In The Banks?
Accenture emphasizes the importance of optimizing the usage of generative AI applications within banks. This includes upskilling existing employees and attracting specialized AI and data talent to support the scaling and operationalization of the technology.
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The report also highlights that 41 percent of all banking occupations have a high potential for automation.
(With PTI Inputs)