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Recent advances in generative artificial intelligence have been remarkable, and many consultancies think that banking will be among the sectors that will benefit most from its development. However, there are three key reasons to doubt the most bullish claims that the sector is especially well-positioned to profit from generative AI quickly or easily. Firstly, deep learning has had a shallow impact on banking due to its difficulty in dealing with numerical data. Secondly, deep learning models are difficult to audit, and this may lead to compliance risks outweighing potential business benefits. Lastly, banks are unlikely to be able to take advantage of generative AI until the technology matures and is more widely available.