Released
The New Skills in Finance Report 2022
In a digital-transforming era, there is a widening skills gap for those who cannot adapt to the new digital world in finance.
CFTE and Elevandi published the report with the discussion with leading experts to help governments, organisations and individuals address the current skills gap in finance and build a digital-resilient workforce in the industry.
Key Insights
Key takeaways from AI in "Banking: AI Will Be An Incremental Game Changer" report published by S&P Global Ratings
CFTE summarised “AI in Banking: AI Will Be An Incremental Game Changer” report by S&P Global Ratings. This report discusses the adoption of generative AI in banking, emphasising its potential for earnings growth, improvements in decision-making, and enhanced risk management.
Key Aspects
- The focus is on how banks are integrating ‘generative AI’ technology into their operations, promising new capabilities, revenue opportunities, and cost reductions, reshaping the banking industry at a steady and incremental rate.
- It also highlights the associated risks, concerns, and costs involved in managing AI technologies.
Table of Contents
- Introduction to AI in Banking
- Historical Perspective of AI in Banking and Its Evolution
- Current Applications of AI in Banking
- Generative AI in Banking: Opportunities and Challenges
- Generative AI: The Next Five Years in Banking
- Potential Benefits and Concerns of AI in Banking
- AI Strategies and Their Impact on Bank Creditworthiness
Key Findings and Insights
This report will give you an insight into:
- AI's adoption in banking has primarily facilitated operational simplification and cost reduction, with banks leveraging AI for tasks like fraud detection and financial forecasting.
- Generative AI is expected to bring about significant changes in banking, offering new opportunities for innovation and efficiency. However, these changes will likely be incremental and evolve over the next two to five years.
- Generative AI could add substantial value to the banking sector, potentially impacting banks' operating profits significantly if fully implemented.
- The report identifies various risks and concerns associated with AI in banking, including ethical issues, environmental concerns, and regulatory challenges.
- AI strategies have the potential to enhance bank creditworthiness by providing competitive advantages, enhancing risk management, and influencing the bank’s risk profile.
Key infographics
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