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Generative Artificial Intelligence (GenAI) is a deep-learning model that can generate high-quality text, images, and other content based on the data they were trained on. GenAI is revolutionizing the ways of working of financial institutions and Fintech companies, offering a range of benefits such as fraud detection, risk assessment, customer experience, and personalized financial planning. A recent report suggests that GenAI could add between US$ 200 billion and US$ 340 billion in value across the banking, wholesale, and retail sectors through greater productivity.