The Technology Polarizing the Financial Services Industry
The prevailing sentiment surrounding GAI is one of polarization: the technology is equally viewed as friend and foe.
The prevailing sentiment surrounding GAI is one of polarization: the technology is equally viewed as friend and foe.
The global landscape of Generative Artificial Intelligence (GAI) has witnessed an unprecedented surge in attention and anticipation.
According to renowned research firm McKinsey, GAI holds the potential to create value on an almost unprecedented scale, estimated at $2.6-$4.4 trillion, across various industries. This economic impact is expected to be most significant in sectors like banking and insurance. Banking could see a remarkable $200- 340 billion increase in value, equating to a 2.8-4.7% uplift in total industry revenue, attributed to enhanced productivity, while the insurance sector could see gains of $50-70 billion, translating to a 1.8-2.8% boost in industry revenue.
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