Banks Are Recalibrating Their Gen AI Ambitions

When OpenAI’s ChatGPT launched in late 2022, generative AI (gen AI) seemed poised to be the next big thing in banking, a technology that could power a revolution in worker efficiency, operational agility, and customer service. Futurists hailed it as the most important technological development since the internet. In 2023, McKinsey estimated that gen AI could add $2.4 trillion to $4.6 trillion to the global economy annually, $20…