Banks bet on AI to deliver digital efficiencies [Video]

According to a recent study, banks are increasingly relying on AI to remain competitive, as numerous factors slow digital transformations.

Credit: wahyu dipta / Shutterstock

In the face of shrinking budgets and rising customer expectations, banks are increasingly relying on AI, according to a recent study by consulting firm Publicis Sapiens.

The Global Banking Benchmark Study 2024, which surveyed more than 1,000 executives from the banking sector worldwide, found that almost a third (32%) of banks’ budgets for customer experience transformation is now spent on AI, machine learning, and generative AI. Around 42% percent of banks rely on personalized customer journeys to improve the customer experience.

As the study’s authors explain, these results underline a clear trend toward more personalized services, data-driven decision-making, and agile processes. Banks hope these shifts will enable them to innovate faster and work more efficiently in a rapidly changing market.

Even beyond customer contact, bankers see generative AI as a key transformative technology for their …