GenAI in European retail banking: customer acceptance and potencial impact
Yannick Saladin · Portuguese National Funding Agency for Science, Research and Technology (RCAAP Project by FCT) · 2024
This paper investigates the use of GenAI in retail banking, focusing on its potential impact on customer intimacy. By incorporating an extensive literature review, this study offers an in-depth assessment of GenAI's capabilities and its anticipated influence on banking relationships. Additionally, it addresses significant challenges such as data security, inherent biases, and transparency. Survey results reveal a polarized opinion regarding GenAI in banking; however, the majority suggests that improved data security could enhance trust. The analysis concludes with recommendations for banks to foster a secure and client focused integration of GenAI. Therefore, the paper contributes valuable insights into the transformative potential of GenAI in banking, serving as a critical resource for both scholars and practitioners.