Generative AI will remove toil from our day to day jobs, argues Lukic, who is managing director and senior partner at Boston Consulting Group.

"We want to put banks in the risk management driver's seat," says Sima Gandhi, co-founder of the Council for Fintech Ecosystem Standards, which has worked with a group of fintechs to create risk and compliance standards banks can use to evaluate their fintech partners.

Software code generation and knowledge management are two of the places the bank has begun using generative AI to improve efficiency.

Thomas Rudzewick, CEO of Maspeth Federal Savings Bank, worries about the growing crisis of low savings among millennials and Gen Z. He believes banks like his can help reverse this trend with financial literacy and innovative savings tools.