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  "documentTitle": "Banking: The future is back",
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      "text": "But like the spreadsheet, it can only do so much on its own. Soon after its launch, it became obvious that generative AI would only become a force for reinvention when deployed in close conjunction with people. This requires strong, visionary leadership, a change in mindset and culture, the reconfiguration of many traditional roles, and the development of new skills.",
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      "text": "So too will the balance of skills that are needed. It goes without saying banks will need to compete with all other organizations to acquire the skills to develop and implement generative AI. They will also need to encourage their people to embrace the innovation, and train them to use it efficiently. The benefits extend beyond the obvious; the relatively obscure Wright's Law states that the impact of a new process or technology will increase fairly constantly as users become more reliant on and proficient with it.30",
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      "text": "Generative AI is not only becoming cheaper; it is rapidly becoming more powerful and versatile. This means the organizations that use it will change at a similar pace and scale. Banks will need to become a lot more comfortable with continuous change. They will also need to become more customer-centric, because much of the technology's potential lies in enhanced offerings and experiences. And as most of the repetitive administrative functions are removed from people's roles, and as AI becomes their indispensable tool, so the nature of work in the average bank will change. Bank employees will spend more time using their essentially human skills: judgement, creativity, empathy and relationship-building. The demographics of the bank will change, and along with it, its personality.",
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      "text": "Generative AI is on course to playing as dominant a role in people's work and private lives—if not more so. When banks first started to explore potential use cases for the technology, they quickly discovered the problem was not identifying but rather prioritizing them: everywhere they looked it offered better ways of doing work. As the cost of using the technology continues to plummet (Figure 4), there is little doubt today that it will dramatically change how banking is done, automating most if not all routine tasks and helping virtually everyone in the organization work more productively, accurately and effectively.",
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