Specific to the banking sector, generative AI can potentially deliver US$200 billion to US$340 billion in value, largely from increased productivity. For instance, employees of United Overseas Bank (SGX:U11
) (UOB) can use generative AI to retrieve and reference information within the bank quickly, while app developers at the Oversea-Chinese Banking Corp (OCBC) are leveraging generative AI to generate, debug and improve computer codes automatically.
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The high interest in generative AI is expected to continue next year as the technology could add up to US$4.4 trillion ($5.9 trillion) to the global economy annually, according to the McKinsey Global Institute.
