And yet Al is something for which there is no clear guidance from traditional sources that we have relied upon such as science, history, scriptures and philosophy. In this unique circumstance, one reasonable approach is to go by our collective intelligence. We at Banking Frontiers have taken our first steps in this direction with a series of polls on topics such as impact of Al on employment, customer engagement, business strategy, investments, ethics, etc. In this cover story, we reveal the findings of the polls on the impact of Al on banks. All views present here are personal views of the contributors and do not necessarily reflect their organization's views. Their text has been edited for clarity, brevity and grammar, without any change in meaning:
Part 1:
Choosing Among 4 Distinct Directions
That banks will be deeply impacted by AI is a given. However, the nature of the impact and the choices for bankers and regulators is a fuzzy area. In search of collective insights, we published this poll on Linkedin:
What will be the first major benefit that big banks can achieve using Generative AI?
1. Add new customers
2. Improve customer retention
3. Grow share of customer wallet
4. Increase LTV of each customer
The poll on Linkedin gathered 155 votes that reveal some collective insights and give directional clarity. It also opens the doors for a set of deeper studies.
QUANTITATIVE ANALYSIS
Graph 1 shows the collective response of the poll. Most voters believe that improving customer retention is what AI will do best, while adding new customers attracted the least number of votes. Increasing LTV and growing wallet share got nearly equal votes. See Graph 1.
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Denne historien er fra September 2023-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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