A new article from American Banker explores gen AI in the banking space, with quotes from CI’s James McGovern and Julianna Sansevero:

The uptick in virtual assistant adoption across the industry, according to James McGovern, vice president of research and consulting at Corporate Insight, can be attributed to bank marketing efforts, improved in-app capabilities — including getting more questions answered inside the virtual assistant interface instead of having to go to the mobile app or website — and, more recently, to interest in generative AI tools . . .

“There were much more rudimentary tools available five or ten years ago, so I think people are coming back to it and a lot of that of has to do with this broader interest that’s been driven by ChatGPT, [Google’s] Gemini and all the buzz about AI and virtual assistants,” said McGovern.

. . . But having to leave the app to review information or carry out a task can be problematic for some consumers, said Julianna Sansevero, a senior analyst at Corporate Insight.

“There are still some firms that still just provide text-based instructions on where to find things, which obviously can cause problems if you have to leave the assistant architecture,” she said.

Read the full article at American Banker.