India, Feb. 16 -- If data is the new gold, then banks must glow.

Sitting on a repository of huge volumes of data, the banking industry has unlocked opportunities beyond areas such as fraud detection, credit scoring, and customer service to let generative AI drive up revenues by anything between 6% and 20% in the next two years.

As GenAI scales from experimentation to implementation to enterprise-wide reinvention, it has begun unleashing dual tailwinds, pushing banks to improve their efficiency ratio up to 15 percentage points which, in turn, supports the topline growth.

Axis Bank, the third-largest private sector lender in India, with a market capitalisation of Rs.4.14 Lakh Cr, offers a sneak peek into the way the banking industry has ...