A recent report by Accenture indicates that banks can substantially enhance productivity and revenue by leveraging generative AI (GenAI) in their operations. Analyzing public employee data, the IT consultancy firm examined the impact of GenAI on banking functions and predicted financial outcomes for over 150 major banks globally, including those in India, over the next three years.
The report finds that rapid adoption of GenAI could increase bank revenues by up to 600 basis points (bps) in three years. Furthermore, effectively implementing this technology can improve employee productivity by as much as 30% by optimizing various language-based tasks. The study further forecasts that operating income could rise by about 20%, and return on equity could see a boost of 300 bps. GenAI’s efficiency enhancements are also projected to generate cost savings of 1-2%, potentially decreasing cost-to-income ratios by up to 400 bps.
To maximize the benefits of generative AI, Accenture emphasizes the importance of optimizing AI applications, upskilling existing staff, and recruiting specialized AI and data experts. The report also indicates that around 41% of banking roles globally have significant automation potential, underscoring the transformative impact of GenAI on the sector.
