April 2024
Case
HBS Case Collection

Managing AI Risks in Consumer Banking

By: Suraj Srinivasan, Satish Tadikonda, Paul Dongha, Manoj Saxena and Radhika Kak

Format:Print
| Language:English
| Pages:10

Abstract

In early 2024, Ruth Jones, head of digital banking at Signa Bank, a (fictitious) European consumer bank, was thinking about how to best incorporate GenAI capabilities to improve efficiencies and create new ways to improve the customer experience. Where were the biggest opportunities? How could the bank incorporate GenAI to better personalize the customer experience? And what were the most effective strategies to mitigate the number of product and enterprise risks that would arise? Jones needed to ensure that as the technology was increasingly embedded and incorporated across the bank’s operating systems, that there would be no negative fallout on its consumers or its reputation.

Keywords

Customer Relationship Management; AI and Machine Learning; Risk Management; Opportunities; Customization and Personalization; Banking Industry; Europe

Citation

Srinivasan, Suraj, Satish Tadikonda, Paul Dongha, Manoj Saxena, and Radhika Kak. "Managing AI Risks in Consumer Banking." Harvard Business School Case 124-093, April 2024.