In their recent blog, KPMG shares that they are increasingly observing banks focusing on integrating AI into their operations and business priorities. There are budgets being set out to deploy AI in individual functions, but banks are struggling to either prioritise use-cases due to conflicting interests or deploy in an efficient manner with required guardrails. KPMG have worked with banks and FinTechs to identify over 150 applications where AI can create value across all functions, from front to back office.
The Front Office is required to continuously evolve in response to changing client demands, new regulation and the emergence of new technologies including Generative AI. In order to transition towards a more client-centric model and provide more cost-effective services, banks are now looking at AI to optimise their sales and trading business to become more data-centric and focus on innovation as a differentiating factor. This shift is crucial for retaining and ultimately increasing traction with key clients.
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