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AI tech could drive 6% revenue growth for banks: Accenture
The Business Guardian
|May 01, 2024
Banks worldwide, including those in India, stand to significantly boost productivity and revenues by integrating generative AI (GenAI) into their operations, as per a report by IT consultancy firm Accenture.
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The study analyzed publicly available employee data to gauge the impact of GenAI on banking tasks, modelling the financial implications for over 150 large banks globally over a three-year period.
The research revealed that banks moving swiftly to implement GenAI across their organizations could potentially increase revenues by up to 600 basis points (bps) within three years. Effective adoption and scaling of GenAI could also lead to a substantial 30% increase in employee productivity by streamlining various language-related tasks.
This story is from the May 01, 2024 edition of The Business Guardian.
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