Recent advancements in Generative Artificial Intelligence (GenAI) have positioned it as a potentially disruptive force, with scholars drawing comparisons to previous industrial revolutions. Such innovations force businesses to transform their business models to remain competitive. Literature connecting AI and business model innovation (BMI) is limited but emerging; specifically, GenAI's ability to shape future business models at an industry level remains underexplored. This study addresses this gap by examining the transformative potential of GenAI in the banking sector, a field characterized by advanced digitalization, diverse services, and pronounced information asymmetries. Using a structured literature review and hybrid thematic analysis, we identify 28 GenAI applications across 40 academic sources. These are systematically mapped onto the banking value chain and examined through the theoretical lens of business model innovation. We identify six levers through which GenAI may drive business model innovation in banking and outline potential avenues for future empirical research.