Banking AI boom! Spend skyrockets 1400% by 2030. Generate personalized experiences and dominate the market with cutting-edge Generative AI.
A new study from Juniper Research, the foremost experts in payments markets, has found that spending on GenAI by banks will reach $85 billion in 2030, from $6 billion globally in 2024.
It predicts leading banks will adopt generative AI services to offer more personalized user experiences, enabling banks to provide increasingly compelling services at a reduced cost.
Generative AI platforms learn patterns and structure from training data and can create text, images, and other media. Common use cases include ingesting text and data and summarising them or generating content for communicating with customers within LLMs (Large Language Models).
Generative AI to Transform Banking Business Models
The research found that generative AI will enable drastic change at banks by providing personalized spending insights and easier access to customer trends. Banks will increasingly shift to an AI-centric strategy, as these business models are essential to competing effectively in a highly dynamic banking environment.
Banks must understand that investment now is vital to GenAI, as this can ensure that banks have enough time to build the highest-value use cases, such as GenAI’s use within customer services and back-office roles. This investment will enable banks to gain a competitive advantage as their costs reduce and user expectations around experience shift.
Research co-author Nick Maynard explained: “Using AI at the heart of operations will enable banks to provide a differentiated and personalized user experience while reducing costs. By not making AI a priority today, banks risk losing ground to competitors.”
