“The Future of AI in Banking in 2026 and Beyond – Looking ahead, Silva sees banking AI investment shifting from cost savings to innovation. ‘Almost 75% of the spend is around automating business processes or automating task processes,’ he says. By 2028, he expects more than half of AI budgets to fund new products and…
Tag: Generative AI
JPMorgan Chase’s Derek Waldron on building an AI-first bank culture – McKinsey
“Prioritizing focus matters because many institutions end up in proof-of-concept [POC] he##, with more pilots than American Airlines. They start many projects but don’t get them to production, so there’s no significant economic difference. What’s most effective is to look at core workflows important to your economics. If you’re an automotive firm, that might be…
Global Banking Annual Review 2025: Why precision, not heft, defines the future of banking
“Longer term, AI is likely to erode bank profitability as consumers start routinely using AI agents to optimize their finances (for example, automatically moving deposits into higher-yield accounts), which would reduce customer inertia and reshape industry economics. Agentic AI could disrupt deposits and credit card lending in particular by cutting through inertia. Today, $23 trillion of the…
Bank of America fires up generative AI payments assistant
“The company saw uptake of its Erica for Employees virtual assistant spread to more than 90% of its 213,000 employees in April. The tool, which was introduced in 2020, has since cut the number of IT service calls by half, Bank of America said.” Read more >>
RBC retains top spot, TD stumbles as AI race in banking intensifies
“McKay has pledged that RBC will realize $700 million to $1 billion in value from AI once its eight major AI use cases are fully deployed and scaled up. During TD’s Investor Day this year, the bank said it expects to slash $500 million in yearly expenses due to automation and AI and rake in…