The BCG white paper debunks six myths about generative AI (GenAI) in banking, revealing its potential beyond cost-cutting. GenAI can boost sales, enhance customer experience, and improve risk management with human-like, transparent interactions. It requires custom implementation—not off-the-shelf tools—and runs on a separate tech stack from traditional AI. Data privacy and residency concerns can be addressed through careful vendor and deployment choices. Banks embracing GenAI with structured strategies, conversation flows, and responsible governance gain a competitive edge and unlock long-term value.

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