The banking sector is increasingly adopting artificial intelligence (AI) to drive innovation and new business models. A survey of IT executives in banking found that 85% have a clear strategy for implementing AI in the development of new products and services. A separate survey of senior banking executives found that four in five believe unlocking value from AI will be key to success in the industry. However, banks are cautious, balancing the benefits of AI against regulatory complexity and the need to maintain customer trust. Many banks (62%) agree that the risks associated with handling personal data for AI projects often outweigh the benefits to customer experience. Despite these challenges, AI is seen as a game-changer for banks, with opportunities for transformative product innovation and new business models.
