“As the financial services industry evolves, retail banks must prioritize catching up with the rapid advancements in AI technology. The potential benefits of AI are too significant to ignore, and banks that fail to adapt risk falling behind their more innovative competitors. That said, any commitment to investment in AI must consider other technology priorities that are relatively speaking … ‘low-hanging fruit.’
Unfortunately, many banks are still slow in adopting AI. Nearly a quarter of banks have ‘not started’ on AI adoption yet. In contrast, this number is significantly lower for fintech firms and insurance companies—at just about 5%. Furthermore, 68% of respondent banks are still only in the ‘beginning’ stages of their AI journey, compared to more than 80% for other financial sectors.”