Google Cloud predicts four ways that GenAI will transform financial services

Maufe highlights four key trends that will redefine GenAI adoption for banking in 2025, including the use of intuitive search, intelligent agents multimodal AI, and sophisticated fraud protection technology.

Maufe says intuitive search will give banks a big boost on reducing data friction, unlocking advanced summarisation and high-level data to streamline workflows and boost productivity.

"Financial institutions are drowning in data, but struggling to extract its true value," says Maufe. "Banks with robust data platforms will have a significant advantage because they’d be able to aggregate data from various sources, ensure data quality, and make it readily available for AI applications to scale."

Maufe predicts that AI agents and multimodal AI will beomce routine in banks, improving customer outcomes and automating mundane form filling.

"By supporting routine tasks like organizing data needed to underwrite loans and quickly understanding claims cases, these digital assistants are poised to not only boost efficiency but also free employees to focus on more complex and strategic work, adding value where only human expertise can," he says.

Consumer-facing banking apps will also become sophiticated.

"One of the most powerful features of multimodal AI is its ability to connect information from different sources," says Maufe. "This means your banking app can access your transaction history, recognize images of your receipts, and even understand your voice commands to provide you with complete and accurate answers to your financial questions."

As criminals begin to use GenAi to deliver more complex fraud attacks, so too will banks adopt the technology to erect a defensive barrier.

Says Maufe: "By analyzing unstructured data, identifying complex patterns, and automating threat detection, AI will become the ultimate shield against financial fraud, and crucial in detecting and preventing cyber-attacks."