Generative AI Is Coming for Your Bank. Maybe.
Tech investors reckon that supersmart agents will soon upend the business model of traditional banks, but there are caveats.
A clever bot — but for money.
Photographer: Annie Sakkab/Bloomberg
Big banks are scrambling to work out what to do with generative artificial intelligence: how to use it to make some of their people smarter or free up others to do only higher-value tasks, and how to ingest and process data more rapidly, speed up decision making and cut costs. Every bank fears their competitors getting good at AI before they do.
Bay Area venture capitalists have a different warning, though: Lenders are missing the threat from everywhere else. "For banks, when I talk about AI, I tell them: What you should be worried about is what if it works?" Angela Strange, a general partner at Andreessen Horowitz, told me recently.