Citi - AI in Finance, 2024

2024

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AI-generated summary

1) This Citi GPS report explores how artificial intelligence and generative AI are transforming the financial sector, potentially adding $170 billion (9%) to global banking profits by 2028 while reshaping workforce dynamics, customer interactions, and regulatory frameworks.
2)
- Evaluates specific AI use cases across banking, including coding, compliance, investment research, credit underwriting, and asset management.
- Examines potential risks such as model hallucinations, algorithmic bias, deepfakes, and growing data center energy consumption.
- Analyzes global regulatory landscapes, comparing approaches like the EU AI Act against US and Asian regulatory developments.
3) Tags: artificial intelligence, finance, banking, generative AI, regulation

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