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AI set to transform 75% of banking tasks, Accenture finds

Accenture’s analysis reveals artificial intelligence (AI) could assist or replace tasks comprising nearly three-quarters of bank employees’ work hours, potentially making banking the most AI-beneficial industry. Only 27% of tasks show a low potential for AI transformation. The advent of ChatGPT has led to increased AI role exploration and hiring within banks, aiming to enhance productivity and reduce costs. For example, Citigroup Inc. plans to enable all 40,000 coders to explore AI technologies, while AI at Bank of New York Mellon Corp assists analysts by drafting research and compiling data overnight. Generative AI could increase banking productivity by up to 30% in three years, with significant impacts expected on routine tasks and job roles within the sector.


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