Data Overview Report

The State Of AI In Banking, 2023

Banks Show Moderate AI Maturity, But Too Many Prioritize Operational Efficiencies And Rely On IT

June 7th, 2023
Zhi-Ying Barry, Principal Analyst
Zhi-Ying Barry Principal Analyst
Indranil Bandyopadhyay, Principal Analyst
Indranil Bandyopadhyay Principal Analyst
With contributors:
Oliwia Berdak , Janis Teo , Bill Nagel

AI is reshaping banking as banks shift from being reactive to proactively serving customer needs. AI will improve banking experiences by automating manual processes that plague the sector, helping customers make smarter financial decisions and reducing their cognitive load. However, there’s a significant gap between banks’ intentions and reality. To make the most of the opportunities that AI enables, banks must strengthen the foundation for AI initiatives, such as correct ownership, sufficient knowledge and skills, data governance fundamentals, and proper use case selection.

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