Case Study: How Aggressively Should a Bank Pursue AI?

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Author(s): Davenport, Thomas H.; Westerman, George; ELLEZAM-DANIELO, NOEMIE; DURVASULA, SASTRY
Source:
Harvard Business Review. May/Jun2024, Vol. 102 Issue 3, p148-153. 6p. 2 Color Photographs.

Additional Information
- Subject Terms:
  ARTIFICIAL intelligence in business; BANKING industry; LEADERSHIP; INNOVATIONS in business; BUSINESS planning
- Abstract:
  The article presents a fictionalized case study that discusses the Malaysia-based company NVF Bank, its need to find a balance between embracing a bold AI-driven future for the bank while maintaining a human touch, and a proposal to revolutionize NVF's operations with AI that could digitalize interactions, reduce costs, and enhance competitiveness. Following the case study, a commentary elaborates on the pros and cons of moving ahead with the generative AI approach and the need to reconcile differing perspectives within NVF's leadership in order to ensure that AI investments align with the bank's strategic goals while embracing the potential for innovation and adaptation in the rapidly evolving banking landscape.