target audience: TECH SUPPLIER Publication date: May 2024 - Document type: IDC Survey - Doc Document number: # EUR152124024
GenAI Governance in Banking: Unlocking GenAI's Business Potential — Great Expectations and Governance Concerns in Banking
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Abstract
This IDC Survey focuses on the status of generative AI (GenAI) adoption in banking for 2024. It is based on primary research conducted by IDC across regions in 4Q23.
GenAI is in the discovery phase in most banks. Business cases are under evaluation, and GenAI-specific risks are under scrutiny. While there is a general feeling of high potential for GenAI deployments, their benefits, requirements, and risks must be assessed.
C-suites are highly committed to gathering multidisciplinary expert information and advice to find their way through this innovation. GenAI policies must be defined to ensure guidelines are clear. Setting up COEs can be of great help to get a clear view on the multidisciplinary aspects of GenAI adoption.
"GenAI deployment requires a proper evaluation of IT prerequisites, dependencies on third-party ICT providers, and compliance with regulatory requirements. Banks are looking for IT partners that can provide IT expertise as well as trustworthy advice and guidance to identify best practices and ensure knowledge transfer," said Maria Adele Di Comite, research director, IDC Financial Insights.