The impact of AI on value creation in the financial industry
Based on a study we conducted on how AI is used in the banking industry, we present key lessons on how AI will shape the context for new value creation for banking customers in the future. We consider the case of Societe Generale, one of the largest European banking and financial services organization, present in 67 countries and serving more than 31 million individuals, professionals, companies, and institutional investors worldwide. We directly led a one-year proof of concept aimed at implementing AI to manage compliance risk in various locations of the bank. Finally, based on the key learnings from this study, we provide a roadmap on how banks can benefit from the implementation of AI to generate value for customers considering privacy vs. innovation tradeoffs.