As the market for GenAI continues to evolve at an effectively accelerated pace, FIs and vendors alike must understand what these technologies mean for their organizations and their customers. Cutting through the implications of what GenAI means for financial services is more than just a technology or IT consideration—it is a pressing issue for organizations and employees at all levels.

This report introduces GenAI use cases in banking, describes how these technologies work, and provides examples of live deployments that occurred within the first year since the public launch of ChatGPT. It is based on a Q3 2023 survey of Datos Insights Commercial Banking & Payments Executive Council; publicly available information from banks, vendors, and the broader press; and ongoing conversations with industry stakeholders at the bank, vendor, and consultancy level.

Clients of Datos Insights’ Commercial Banking & Payments service can download this report.

This report mentions Accenture, Ally Bank, Amazon, Anthropic, Apple, AWS, Capgemini, Cohere, Ernst & Young, Github, Google, Hugging Face, IBM, Identifee, Kasisto, KPMG, Meta, Microsoft, Midjourney, Mizuho Financial, NTT Data, OpenAI, Q2, Salesforce, SAP, ServiceNow, SouthState Bank, Tencent Cloud, The New York Times, Thomson Reuters, Trovata, Wikipedia, and Wipro.