Generative artificial intelligence has arrived in Europe’s banks faster than almost anyone predicted, and it is already changing how the sector’s 2.6 million workers do their jobs.
Chatbots handle customer queries, algorithms draft compliance reports and models sift transactions for fraud.
The promise is as real as the risks – and a growing body of evidence suggests the benefits and the burdens are landing very unevenly.
A recent report commissioned by the European social partners in the sector, UNI Europa and the European Banking Federation, sets out the scale of the shift.
In banking, generative AI could add between €180bn and €306bn in value to banks worldwide – the equivalent of nine to 15 per cent of the industry’s current operating profits.
