A half a billion euros. That’s the amount of run-rate value creation that Societe Generale aims to generate from data and AI by 2025, Julien Molez, the Group Innovation Data & AI Leader, told a gathering of executives at the AI For Finance 2022 conference.
The potential for value creation for banks is one of the largest across industries, as AI can potentially unlock $1 trillion of incremental value annually, according to a McKinsey report.
The value is clear and the pressure to succeed is strong but getting there is difficult. Banks and large corporates in other sectors are all struggling to diffuse and scale artificial intelligence and reap the full benefits of the technology. Societe Generale’s journey gives some key insights into how traditional companies can begin to build effective AI strategies.
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