- Transactional use cases: Three out of five (61%) banks use the technology for transactional use cases such as credit analysis, portfolio management, risk assessment, legal contracts, offers, tenders, and pitch documents.
- Employee productivity: In 55% of banks, gen AI supports employees, for example in the form of assistants.
- Marketing and customer service: Nearly half (49%) of bankers surveyed said they use gen AI within their marketing or customer service operations.
Digital transformation harder than ever
Despite that emphasis on making the most of AI, banks continue to struggle with digital transformation. Depending on how far banks are developed in the areas of customer leadership and operational leadership, the study’s authors divided the banks surveyed into four groups. The proportion of “transformation leaders” — the most advanced group — has halved to 11% compared to 2022, while the proportion of “slow starters” has increased from 57% to 66% over that two-year period.
Many banking executives said regulatory challenges, lack of operational flexibility, and outdated technologies were the biggest obstacles to their organization’s digital transformation over the past 12 months. In addition, budget constraints were cited as an obstacle by 32% of executives.
That budget environment is not only influencing the progress of banks’ digital journeys, but even dictating their direction. According to the study’s authors, two years ago the most important goals of managers were: improving customer experience, increasing profits through new products and services, and increasing sales of existing products.
