Generative AI (GenAI) is revolutionizing the banking sector by shifting from rigid, keyword-based systems to more intuitive, conversational interfaces that understand context and intent, significantly enhancing customer experiences, operational efficiency, and fraud detection. Banks are rapidly adopting GenAI to stay competitive, with projections indicating that over 80% will integrate the technology by 2026, up from just 5% today. This innovation enables banks to optimize operations, reduce time spent on compliance, and improve productivity by up to 500%. Key use cases include improved customer support through advanced chatbots, accelerated financial report analysis, and real-time fraud detection. Companies like EY, in collaboration with Elastic, are leveraging GenAI to extract insights from unstructured data, increasing accuracy and speed. Elastic’s Search AI Platform plays a pivotal role in ensuring data security while facilitating scalable, conversational banking solutions. The platform integrates with large language models while maintaining stringent security measures and offers features like geospatial understanding to manage extensive customer data efficiently.