SAS Study: Banks Leading GenAI Revolution, Data Privacy Concerns Linger
Snapshot: At this year’s Money20/20 event in Las Vegas, analytics platform SAS unveiled findings from a new study on GenAI in banking, showing banks leading in all sectors in GenAI adoption, especially marketing, IT, and customer service. The global, cross-industry survey of 1,600 business leaders also revealed:
- Wide Adoption: With 98% of banking leaders are either using GenAI (60%) or planning to implement it within two years (38%). Banking also leads other sectors in fully integrating GenAI (17%). The next highest industries are telco (15%); insurance, life sciences and professional services (tied at 11%); retail (10%); and public sector and health care (tied for 9%).
- Areas of Use: Banking execs use GenAI at higher-than-average rates in several areas: marketing (47%), IT (39%), sales (36%), finance (35%), and customer service (24%). Top GenAI use cases in banking emerged as risk and compliance, customer engagement, and data-driven insights for sales and market share.
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Proven GenAI Benefits: Those that have fully integrated GenAI into their regular processes report gains in:
- Employee satisfaction (90%).
- Risk management and compliance (88%).
- Operational efficiency (85%).
- Customer satisfaction (82%).
- Data processing (78%).
However, privacy remains a significant hurdle, with 74% of leaders expressing concerns about safeguarding consumer data. The report also underscores banks’ struggles with GenAI governance, with only 6% reporting a well-established framework. As banks push forward with GenAI, the findings highlight the balance between innovation and responsible data practices.
Key Quote: “There is no shortcutting AI governance in banking… Trustworthy AI requires a foundation of human centricity.” Alex Kwiatkowski, Director of Global Financial Services, SAS.
Full story: PR NEWSWIRE
SAS report: Your journey to a GenAI future: A strategic path to success in banking
SAS supplemental report: GenAI in Marketing: Are we ready for this?