Last year, AWS and Qorus highlighted this potential in their co-authored report, "The AI Imperative: The Future of Frictionless Banking," which revealed that global banks are at a tipping point in adopting AI/ML and generative AI technologies. These advancements are being implemented to enhance customer service, manage risk, optimize processes, and improve overall efficiency. Although much of the innovation has centered around retail banking, ESG is now stepping into the spotlight as a major area of focus.
"The AI Imperative: Navigating Data and AI for ESG Success" delves into this exciting intersection where AI, ML, and generative AI are reshaping how banks tackle ESG challenges. To explore how these advanced technologies can revolutionize ESG efforts, we spoke with top banking leaders who are deeply committed to driving ESG initiatives.
In the following pages, we’ll uncover the latest trends, best practices, and real-world applications of AI technologies, offering a roadmap for the future of ESG, with AWS helping banks embrace this future through cutting-edge, secure AI/ML tools that make ESG efforts faster, smarter, and more impactful, leading to greener banks, happier customers, and a better world.
KEY INSIGHTS
AI Driving ESG Change
Banks are leveraging AI/ML to automate sustainability reporting, manage climate risks, offer green loans, and make sustainable investment decisions, with generative AI bridging data gaps and offering personalized advice to clients on eco-friendly actions.
Challenges to Overcome
Despite AI’s potential, banks face obstacles like fragmented data, outdated IT systems, and a lack of skilled talent, as well as the challenge of turning ESG initiatives into profitable opportunities.
Looking Ahead
To maximize AI’s impact on ESG, banks must prioritize data, foster collaboration, and develop strategies that integrate sustainability into their business models, making it a competitive advantage.
Study contributors
Tomas Zimmermann
Swedbank
Senior Advisor
Fabio Pelati
ILLIMITY GROUP
Head of Investor Relations & Sustainability
Georges Hajj
Emirates NBD
Senior Director – Sustainable Finance
Marc Irubetagoyena
BNP Paribas
Head of Group Stress Testing and Financial Simulations
Neil Richardson
OneSavings Bank
Chief Sustainability Officer
Maxime Druais
BPCE Assurances
Head of ESG
Mario Cali'
Intesa Sanpaolo
Senior Manager - Data Science and Responsible AI
Andrea Claudio Cosentini
Intesa Sanpaolo
Head of Data Science & AI
Alex Lheritier
Koaloo.Fi
Co-Founder & Chairman
Julien Defosse
Amazon Web Services
AWS - worldwide FSI market development lead
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