target audience: TECH SUPPLIER Publication date: Oct 2023 - Document type: Market Perspective - Doc Document number: # AP50378823
Generative AI in Retail Banking: Opportunities and Use Cases
This IDC Market Perspective provides guidance on generative AI (GenAI) use cases for retail banking and must be read in conjunction with other IDC research on GenAI technology. This research suggests several AI and GenAI use cases that could lead to significant growth and efficiency opportunities, particularly around various aspects of the retail customer journey.
“GenAI is the next game changer for retail banks. It not only enables unstructured data to be included in the decision-making process but also brings in multiple new algorithms with the help of synthetic data. It has a game-changing ability in the generation of artifacts, such as images, text, and voice, which enable an instant gratification experience,” says Ashish Kakar, research director, IDC Asia/Pacific Financial Insights.