Impacts and Implications of Generative AI and Large Language Models: Redefining Banking Sector

Abstract

The banking sector is undergoing a substantial and transformative evolution with the integration of Generative Artificial Intelligence (GenAI) and Large Language Models (LLM). This examination thoroughly explores the profound impacts and broader implications of implementing GenAI, and LLM, within the banking industry. It delves into how innovations in GenAI, particularly LLM, are reshaping customer experiences, streamlining operational tasks, and ushering in an era of highly personalized financial services. Additionally, this exploration encompasses considerations related to regulatory compliance, ethical aspects, the banking industry's changing landscape, and workforce, as well as the heightened security measures and enhanced data analysis capabilities introduced by GenAI and LLM. The integration of GenAI and LLM has brought forth numerous contributions and capabilities to banking software. By examining both the immediate effects and the far-reaching outcomes, the study's findings offer insightful information into the evolving landscape of banking in the GenAI and LLM era.