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Cashing in: Study shows banks investing big in GenAI, and it’s paying off

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Banking tops other industries in adopting the technology for marketing, risk management, customer service and more

CARY, N.C., Oct. 28, 2024 /PRNewswire/ — A new report on the use of generative AI in banking finds that financial services leads other industries in implementing the technology. A recent survey found that 17% of banking leaders have fully integrated GenAI into their regular processes. Further, 3 in 5 currently use GenAI to some degree – and nearly all the rest plan to begin soon. Obstacles remain, led by data privacy and security concerns. But the study confirmed that banks are already realizing GenAI gains across the business.

How does banking stack up to other sectors in the use and adoption of GenAI? Dive in at SAS.com/genai-banking.

The report, Your journey to a GenAI future: A strategic path to success in banking, is based on findings from a global, cross-industry survey by data and AI leader SAS and Coleman Parkes Research. Among 1,600 business leaders surveyed in 20 countries, 243 were senior banking execs who are decision makers on their organization’s GenAI strategy. Their insights offer an insider’s look at how banks are implementing GenAI, their biggest challenges, and how banking compares to industries like insurance, the public sector, health care, manufacturing, retail and more.

“GenAI is obviously a major trend across sectors right now, but maybe most significantly in financial services,” said Alex Kwiatkowski, Director of Global Financial Services at SAS. “Our survey found that banks, along with insurers, are currently using GenAI at higher rates than other industries. Among the many benefits early adopters are seeing, one of the most oft-cited by banking leaders is in risk management and compliance, where nearly nine in 10 reported improvements after deploying GenAI.”

Banks are all in on AI, with the budgets to prove it
The interest rates on savings accounts and loan applications may be ticking downward, but banks’ interest in generative AI is as high as ever. In fact, it’s nearly unanimous, with 98% of banking respondents either already using GenAI (60%, tied with insurance for the highest adoption rate) or planning to do so within the next two years (38%). And it’s not just talk: 90% said they have a dedicated GenAI budget for the coming year.

Beyond the 17% of banking leaders who reported fully implementing GenAI into their business processes, another 43% indicated they are experimenting with the technology at the enterprise level. Six in 10 said they have deployed at least one GenAI use case to date – the highest of any industry.

Banks are also using GenAI across departments and business functions. Compared with cross-industry averages, banks use GenAI at a higher rate in marketing (47%), IT (39%), sales (36%), finance (35%) and customer service (24%).

“GenAI technology is a double-edged sword for banks, as it has been weaponized by criminals to commit fraud faster than banks can adopt GenAI to protect their customers,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “But better anti-fraud safeguards are just one of many potential advantages awaiting firms that take the GenAI leap. In fact, leaders on the first wave of GenAI implementation are seeing early returns on their investments in many areas of the bank.”

GenAI is already paying dividends in banking
The benefits from GenAI in banking aren’t just aspirational; they’re already happening, particularly in banks’ internal processes. Among bank leaders that have integrated GenAI, huge majorities are seeing gains in:

Employee experience and satisfaction (90%).Risk management and compliance (88%).Time savings and reduced operational costs (85%).

In addition, more than three-quarters reported improvements in customer satisfaction and retention (82%); efficiency in processing large data sets (78%); and sales or market share from data-driven insights (76%).

Marketing emerged as the most common area for banks to use GenAI, cited by 47% of banking leaders polled. A related SAS study, based on a separate survey of marketing professionals, found that banking marketers most frequently use GenAI for customer interactions (44%) and generating written copy (33%). They also plan to expand its use within the next year to audience targeting (64%) and trend analysis (64%).

Banking, like other industries, faces obstacles to GenAI success
Like many investments, GenAI does involve a degree of risk and uncertainty. Banking leaders’ foremost concerns involve protecting the privacy (74%) and security (71%) of their – and their customers’ – data. One potential solution? Synthetic data. Nearly one-third (29%) is already using this form of GenAI, and another 33% said they are actively considering it.

Implementation challenges are another obstacle facing the banking industry. Over half (54%) said that using public and proprietary data sets has been, or likely will be, an obstacle to implementing GenAI. And nearly as many (49%) said they are experiencing challenges moving GenAI from conceptual to practical.

Finally, banking leaders also worry about GenAI governance and regulation. Only 6% of those surveyed said their current governance framework is “well-established.” Most (58%) indicated that their frameworks are “in development” – but more than a third viewed theirs as either “ad hoc or informal” (27%) or “non-existent” (9%). The biggest hurdles to implementing effective governance and monitoring? Almost one-third (30%) cited technological limitations. Another 30% pointed to lack of transparency and accountability, a number that’s slightly higher than other industries.

“GenAI is changing the world of banking in ways that were previously unimaginable – and at astonishing speed,” said Kwiatkowski. “There is no shortcutting AI governance in banking or any industry. Trustworthy AI requires a foundation of human centricity, and it must embody the other core tenets of responsible innovation – inclusivity, transparency and accountability among them.”

Dig deeper into GenAI insights, in-person or online
Today’s announcement was made during Money20/20, branded the largest global fintech event enabling payments and finserv innovation, convening in Las Vegas, Oct. 27 – 30. Attendees are invited to engage with SAS experts on GenAI and other topics throughout the conference at Booth 3703.

To explore additional findings from SAS’ global GenAI study, download the banking report at SAS.com/genai-banking and check out SAS’ interactive GenAI data dashboard.

About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.

Editorial Contact:         

Trey Whittenton             

Danielle Bates

Trey.Whittenton@sas.com   

Danielle.Bates@sas.com 

919-531-6829           

919-531-1959

sas.com/news

 

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Unified Endpoint Management (UEM) Market , 35% of Growth to Originate from North America, Technavio

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55 minutes ago

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January 2, 2025

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NEW YORK, Jan. 2, 2025 /PRNewswire/ — The global unified endpoint management (UEM) market size is estimated to grow by USD 111.62 billion from 2025 to 2029, according to Technavio. The market is estimated to grow at a CAGR of almost 58% during the forecast period.

For comprehensive forecast and historic data on regions,market segments, customer landscape, and companies- Click for the snapshot of this report

Report Attribute

Details

Base Year

2024

Forecast period

2025-2029

Historic Data for

2019 – 2023

Segments Covered

Component (Solutions and Services), Deployment (Cloud, On-premises, and Hybrid), Geography (North America, APAC, Europe, South America, and Middle East and Africa), Type (Solutions, Services), Organization Size (Large Enterprises, SMEs) and Vertical

Key Companies Covered

42Gears Mobility Systems Pvt. Ltd., BlackBerry Ltd., Broadcom Inc., Cisco Systems Inc., Cloud Software Group Inc., Dell Technologies Inc., International Business Machines Corp., Ivanti Software Inc., JAMF HOLDING CORP., Matrix42 GmbH, Microsoft Corp, Mitsogo Inc., Open Text Corporation, ProMobi Technologies Pvt. Ltd., Snow Software, Sophos Ltd., SOTI Inc., Syxsense Inc., VMware Inc.,Zoho Corp. Pvt. Ltd., Citrix, Symantec, CA Technologies

Regions Covered

North America, APAC, Europe, South America, and Middle East and Africa

Region Outlook

North AmericaEuropeAsiaRest of World

1. North America – North America is estimated to contribute 35%. To the growth of the global market. The Unified Endpoint Management (UEM) Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. Unified Endpoint Management (UEM) solutions enable Large Enterprises to manage and secure Computing systems across various Verticals, including IT asset tracking for Endpoints such as Laptops, Tablets, Mobile phones, and even IoT Devices. Advanced endpoint models like ChromeOS and Windows 10 are supported, requiring minimal Hardware requirements. UEM caters to Personal devices and Enterprise Employees, providing a Single platform for managing Multiple Configurations of Operating Environments. Endpoint Protection, Access Management, and Data Security are crucial components, ensuring a Operating Environment. UEM Market offers Software Platforms, Consulting Services, Managed Services, and Support Services to cater to diverse Network Components. Emerging Technologies like Remote Work, Employee Productivity, and Data Protection are addressed, making UEM an essential solution for managing Traditional endpoints like PCs, Smartphones, POS devices, and Smart wearables. UEM solutions like Pulseway and AirWatch offer Primary Exploratory and Secondary Desk capabilities, enhancing efficiency and productivity.

Unified Endpoint Management (UEM) is a solution that helps businesses manage and secure all their endpoints, including laptops, smartphones, and tablets, from a single console. UEM simplifies IT management by providing centralized policies, configurations, and applications. It ensures device compliance, enhances productivity, and protects sensitive data. By implementing UEM, businesses can save time, reduce costs, and improve overall efficiency. UEM solutions from leading vendors, such as Microsoft, VMware, and IBM, offer advanced features like remote wipe, over-the-air updates, and real-time reporting.

For more insights on North America’s significant contribution along with the market share of rest of the regions and countries – Download a FREE Sample

Segmentation Overview

Component 1.1 Solutions1.2 ServicesDeployment 2.1 Cloud2.2 On-premises2.3 HybridGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and AfricaTypeOrganization SizeVertical

1.1 Fastest growing segment:

Unified Endpoint Management (UEM) solutions are software platforms that help businesses manage and secure their diverse endpoints from a centralized console. These solutions offer features for streamlined endpoint management, enhanced security, and improved IT efficiency. Key features include device enrollment and provisioning for seamless onboarding of new devices, and configuration management for centralized control of settings, policies, and configurations. UEM solutions also provide essential security features like data encryption, access controls, antivirus management, and patch management. Microsoft UEM, which includes Microsoft Intune, offers end-to-end device management solutions, enabling IT administrators to manage multiple endpoint types from a single console, with features such as device enrollment, application management, security policies enforcement, and endpoint analytics. The increasing adoption of UEM solutions will fuel market growth during the forecast period.

Get a glance at the market contribution of rest of the segments – Download a FREE Sample Report in minutes!

Research Analysis

Unified Endpoint Management (UEM) is a modern approach to IT management that enables organizations to secure, manage, and support various computing systems, including laptops, tablets, mobile phones, and even IoT devices, from a single platform. This solution caters to various verticals such as healthcare, education, finance, and retail, among others, by providing IT asset management, advanced endpoint models, and hardware requirements tailored to each device type. UEM supports multiple OS systems, including Windows 10 and ChromeOS, ensuring seamless management and compatibility. With the increasing shift towards remote work, UEM solutions have become essential for ensuring employee productivity and data protection. They offer data security features such as encryption, access controls, and remote wipe capabilities to safeguard sensitive information. UEM solutions are not limited to traditional endpoints like desktops and laptops but also extend to advanced endpoints like POS devices, smart wearables, and mobile banking applications. By integrating UEM into IT departments’ workflows, organizations can effectively manage their mobile devices and ensure user satisfaction. Solutions like Pulseway, VMware, AirWatch, and others offer primary and secondary desktop capabilities, making them versatile and adaptable to businesses’ evolving needs.

Market Overview

Unified Endpoint Management (UEM) is a modern approach to IT asset management that enables organizations to manage and secure computing systems, including laptops, tablets, mobile phones, and IoT devices, from a single platform. UEM caters to various verticals, including large enterprises, healthcare, education, and finance, among others. The operating environment for UEM supports multiple configurations, including Windows 10, ChromeOS, and various mobile operating systems like Android and iOS. UEM solutions provide advanced endpoint protection, access management, and data security for personal devices used by enterprise employees. UEM also offers consulting, managed, and support services, as well as network components and software platforms like Pulseway, VMware, AirWatch, Workspace ONE, Windows, and Microsoft Intune. UEM is essential for managing emerging technologies such as mobile banking and smart wearables, ensuring employee productivity, and maintaining satisfaction with remote work. Traditional endpoints like PCs, smartphones, POS devices, and smart wearables are all within the scope of UEM.

Start exploring market insights by Download a FREE Sample Report in minutes!

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Texas Instruments to webcast Q4 2024 and 2024 earnings conference call

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55 minutes ago

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January 2, 2025

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DALLAS, Jan. 2, 2025 /PRNewswire/ — Texas Instruments Incorporated (TI) (Nasdaq: TXN) will webcast its fourth quarter and year-end 2024 earnings conference call on Thursday, Jan. 23, at 3:30 p.m. Central time. Haviv Ilan, president and chief executive officer, Rafael Lizardi, senior vice president and chief financial officer, and Dave Pahl, vice president and head of Investor Relations, will discuss TI’s financial results and answer questions from the investor audience.

You can access the audio webcast on the Investor Relations section of the company’s website at www.ti.com/ir. An archived copy of the webcast will be available shortly after the call concludes. 

About Texas Instruments

Texas Instruments Incorporated (Nasdaq: TXN) is a global semiconductor company that designs, manufactures and sells analog and embedded processing chips for markets such as industrial, automotive, personal electronics, communications equipment and enterprise systems. At our core, we have a passion to create a better world by making electronics more affordable through semiconductors. This passion is alive today as each generation of innovation builds upon the last to make our technology more reliable, more affordable and lower power, making it possible for semiconductors to go into electronics everywhere. Learn more at TI.com.

TXN-G

 

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SOURCE Texas Instruments Incorporated

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CES 2025: Moore CEO Gretchen Littlefield to Lead Panel Discussion on Using AI and Tech to Solve Humanity’s Biggest Problems

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55 minutes ago

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January 2, 2025

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Leaders from world-renowned purpose-driven organizations will discuss how technology, AI and data are creating groundbreaking solutions.

LAS VEGAS, Jan. 2, 2025 /PRNewswire-PRWeb/ — Moore’s Chief Executive Officer, Gretchen Littlefield, will moderate a panel discussion entitled “Mission Driven Innovation: Solving Humanity’s Biggest Challenges” during CES® 2025 in Las Vegas.

As its CEO, Littlefield has helped Moore, a leading constituent experience management company, grow into the nation’s largest marketing, data and fundraising company serving the purpose-driven industry.

Littlefield will facilitate the conversation on how purpose-driven brands are harnessing the power of technology to advance the prevention, treatment and cure for cancer, heart disease, Alzheimer’s disease and cleft lip and palate. Panelists include:

Nancy Brown, CEO, American Heart AssociationDr. Wayne Frederick, interim CEO, American Cancer SocietySusannah Schaefer, CEO and president, Smile TrainDr. Joanne Pike, CEO and president, Alzheimer’s Association

“It’s a privilege to moderate such a prestigious panel of leaders who are using technology to literally transform people’s lives in tangible, far-reaching ways,” said Gretchen Littlefield, CEO of Moore. “This panel discussion will shine a bright light on the unique ways the purpose-driven sector is using AI and technology to help solve some of the world’s most pressing issues.”

Part of the “CES 2025 Great Minds Series,” the panel discussion will take place during CES 2025, on Thursday, Jan. 9, 11:00 a.m. to 11:40 a.m. PST in the Las Vegas Convention Center, West Level 2, W232. The session will also be available via live stream.

About Moore
Moore is a data-driven constituent experience management (CXM) company achieving accelerated growth for customers through integrated supporter experiences across all platforms, channels and devices. We are an innovation-led company that is the largest marketing, data and fundraising company in North America serving the purpose-driven industry with customers across education, association, political and commercial sectors.

Moore combines our strength in technology and unmatched industry expertise to provide a full platform of communications, data, digital, media, production and response management solutions. Our omnichannel solutions are powered by an ongoing investment in next-generation artificial intelligence and machine learning that deepens constituent relationships and creates transformational growth. To learn more, visit wearemoore.com.

Media Contact

Mac McKeever, Moore, 207-841-6110, mmckeever@wearemoore.com, https://wearemoore.com/

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SOURCE Moore

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