Banks are under pressure to innovate while maintaining operational efficiency, regulatory compliance, and exceptional customer experiences.
Generative AI (GenAI) has emerged as a transformative tool, enabling banks to automate complex processes, enhance decision-making, and unlock new insights from vast amounts of data.
Leading financial institutions are already deploying GenAI solutions, demonstrating measurable benefits that CIOs and technology leaders cannot afford to ignore. This article explores how these banks are leveraging GenAI to stay ahead of the curve.
JPMorgan Chase is a leader in institutional GenAI adoption, developing a proprietary LLM suite and a coding assistant, resulting in over 450 identified use cases. Their core deployments include EVEE Q&A for call center agents to provide immediate, context-aware answers, and a Gen AI-powered code creation tool for their technology workforce to accelerate software development. The bank’s strategy is to enable agents with better tools to answer customer inquiries, ensuring an improved customer experience.
Goldman Sachs
Goldman Sachs has scaled GenAI by deploying the GS AI Assistant to every employee, focusing on internal efficiency gains. The assistant is used to summarize vast amounts of research, draft communications, and accelerate complex tasks like software development, reportedly boosting software engineer productivity by up to 20 percent. The model operates securely behind their firewall.
Marco Argenti, Chief Information Officer (CIO) of Goldman Sachs, emphasizes that the AI assistant augments human work, allowing employees to focus on strategic and client-facing responsibilities.
DBS Bank
DBS Bank has integrated GenAI into customer service with its in-house developed CSO Assistant (Customer Service Officer Assistant). This tool transcribes, summarizes, and recommends solutions for customer queries in real-time, which is expected to reduce call handling time by up to 20 percent and free up CSOs to deepen customer engagement.
Nimish Panchmatia, Chief Data and Transformation Officer, views GenAI as a co-pilot designed to supercharge employees by removing toil and enhancing customer journeys.
OCBC Bank
OCBC Bank was among the first in Asia to roll out an internal GenAI chatbot, OCBC GPT, to all 30,000 employees. The tool is used within the bank’s secure environment to help with ideation, drafting content, translation, and document summarization. During pilots, employees reported productivity gains of up to 50 percent in certain tasks.
Donald MacDonald, Head of Group Data Office, states that the focus is on augmenting employees by automating time-consuming, brain fatigue tasks so they can concentrate on higher-value-added work.
Citigroup
Citigroup has rolled out GenAI tools, including Citi Stylus Workspaces and Citi Assist, to over 175,000 employees to streamline compliance navigation, risk procedures, and developer workflows. They recently introduced agentic AI to 5,000 users, enabling autonomous decisions and actions. The bank also mandated a Prompting like a Pro training program to maximize the tools’ effectiveness.
David Griffiths, Chief Technology Officer of Citigroup, notes that they are giving their people smarter, faster, and more connected tools so they can focus less on manual tasks and more on the big ideas that drive the business forward.
Wells Fargo
Wells Fargo established a dedicated Generative AI team to drive responsible GenAI adoption across the firm. While their retail-facing Fargo assistant uses traditional AI, the new focus is on leveraging GenAI to transform business processes and enhance both customer and employee experiences across the entire organization.
Tracy Kerrins, Head of Consumer Technology and Generative AI Team, is responsible for driving the adoption of the technology to improve customer and client experiences and enhance the way employees work.
UBS
UBS is innovating with GenAI in its client engagement by creating realistic AI avatars of its analysts. This technology allows the bank to rapidly scale the production of video-based research content for clients, aiming to increase their annual video output significantly, thereby meeting the growing client preference for video analysis.
Mike Dargan, Group Chief Operations and Technology Officer, asserts that the transformative capabilities of AI will help them deliver for their clients and increase productivity across the Group in a responsible way.
HSBC
HSBC Bank launched Wealth Intelligence, a proprietary GenAI-powered platform that analyzes over 10,000 data sources, including internal research and external news. The tool helps wealth managers synthesize market insights, create personalized investment strategies, and screen for suitable products, ensuring high-touch, data-driven client advice at scale.
Lavanya Chari, Head of Wealth and Premier Solutions, affirms that AI adoption is a core strategic pillar for enhancing client experience by harnessing AI’s analytical power and data delivery speed.
Royal Bank of Canada (RBC)
Royal Bank of Canada utilizes advanced AI through its RBC Borealis AI research institute, which developed the proprietary AI foundation model ATOM to enhance personalized client experience. The bank’s leadership, however, focuses significant attention on the security implications of GenAI, warning that it is also being leveraged by cybercriminals to create more sophisticated, hyper-personalized scams and deepfakes.
Adam Evans, Chief Information Security Officer, emphasizes Generative AI is transforming cybercrime and that managing one’s digital persona is now crucial for protecting data.
Deutsche Bank
Deutsche Bank is focusing on internal efficiency by using GenAI assistants to automate tasks and boost operational efficiency. Their strategy involves strengthening internal technology expertise and modernizing their IT infrastructure to leverage cloud computing and AI for business solutions, ultimately aiming for hyper-personalized client experiences and smart risk assessments.
Simon Carter, Head of the Data Innovation Group, insist that AI technology invariably needs human beings and its role is to enhance human work rather than replacing it.
The success stories of banks deploying generative AI offer valuable lessons for CIOs seeking to modernize their IT and business strategies. From streamlined operations to smarter risk management and enhanced customer engagement, the tangible benefits of GenAI are reshaping the future of banking. By adopting a strategic approach, prioritizing use cases with the highest impact, and fostering collaboration between technology and business units, CIOs can position their organizations to thrive in an increasingly AI-driven financial ecosystem.
Revathy Reghunath
