Banks are bullish that artificial intelligence (AI) will help them achieve their business priorities, fuelling back-office efficiency gains, product innovation and new business models. Our recent survey with The Economist Intelligence Unit (The EIU) found technology decision-makers have a “clear strategy” for using AI to achieve their goals. But on which business areas are banks focusing their AI investments, what barriers to adoption remain and what is the role of explainable AI in the future of banking?
Together with The EIU, we sought the answers to these questions and more in a new report: Banking on a Game-Changer – AI in Financial Services, incorporating data from over 200 global banking IT executives.
- Four in five (81%) of IT executives in banking agree that unlocking value from AI will distinguish winners from losers
- 85% have a “clear strategy” for adopting AI in the development of new products and services
- 78% of IT executives report that incorporating AI into their organization’s products and services will help them achieve their business priorities, 46% say “to a great extent”
- 62% of bankers agree that the complexity and risks associated with handling personal data for AI projects often outweigh the benefits to customer experience