Enhanced use of AI ensures optimal growth for banks

A recent Accenture study underlines the need for enterprises to go beyond the implementation of Al-based chatbots and make AI a part of their strategic bets:

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Banks which invest in scaling AI as part of their industry specific strategic bets are most likely to realize optimal growth and productivity improvements, finds a new research by Accenture, titled 'The Front Runner's Guide to Scaling AI'. The study defines the strategic bets as significant, longterm investments in AI across one or more of 10 core processes in the banking value chain besides investing in their data foundation, talent practices and responsible AL.

The study estimates that banks that effectively scale generative AI could witness up to 30% productivity improvement, 600 bps rise in revenue growth, and 300 bps increase in return on equity over a three-year period. It also found that only 10% of APAC banks have what it takes to realize this value and this 10% banks leading in AI adoption have validated specific AI use cases and scaled multiple strategic bets that are most relevant to their industry.

"They are ahead of their peers on the data maturity curve and have a more mature foundation models practice with some scaling the use of AI Agents in specific processes. These organizations are more people centric and have implemented change management and learning and development initiatives across all levels of the organization and have moved beyond demonstrating intent to operationalizing responsible AI practices," says the study.

5 PROCESSES

The 5 banking processes witnessing the highest long-term investment or 'strategic bets' within APAC banks, according to the study, are Fraud Management, Cards and Payments, Investment Management & Advisory, Know Your Customer and Application Processing and Fulfilment.

The other processes identified as strategic bets include Credit Assessment, IT Engineering, Lead Origination, Nurturing and Qualification, Document and Knowledge Management, and Digital Content Management.