Page 23 - Banking Finance October 2024

ARTICLE

Transforming Indian

Banks: How

Generative AI is

Redefining Murali Tummala

Chief Manager (Faculty)
Marketing Union Learning Academy
(Credit & Policy)
Lucknow

In the fast-paced world of finance, marketing strategies have evolved greatly, using the latest
technologies to effectively reach and engage customers. Among these technologies, Generative
Artificial Intelligence (AI) stands out as a game-changer.

I n the fast-paced world of finance, marketing personalized and data-driven. AI analyses vast amounts

of consumer data to predict preferences and behaviours,
strategies have evolved greatly, using the latest
enabling highly targeted campaigns and real-time
technologies to effectively reach and engage
customers. Among these technologies, Generative
Artificial Intelligence (AI) stands out as a game-changer. adjustments. Automated content creation, chatbots, and
predictive analytics optimize customer engagement and
With its ability to autonomously create content, imagery, conversion rates. This evolution signifies a shift from
and even personalized experiences, Generative AI is mass broadcasting to individualized communication,
reshaping marketing approaches across various sectors, where AI algorithms continuously learn and adapt to
including banking. In India, where the banking industry consumer trends, delivering highly relevant and impactful
is highly competitive and customer-focused, the adoption marketing experiences.
of Generative AI has been notable. This article explores
the transformative impact of Generative AI on the Understanding Generative AI:
marketing strategies of Indian banks, highlighting its Generative AI refers to algorithms and models that can
applications, benefits, and future potential. generate new content, such as images, text, or audio,
based on patterns learned from existing data. This
Evolution from Traditional Marketing to technology allows for the autonomous creation of unique
Generative AI Marketing: and customized materials, revolutionizing how businesses
Marketing has transformed from conventional methods approach marketing and customer engagement.
like print ads and TV commercials to digital strategies
such as social media and targeted online ads. With the Generative AI is about algorithms making new things like
rise of generative AI, marketing has become more images, words, or sounds. It learns from data to create

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