Artificial intelligence offers a decisive competitive advantage for banks. This is confirmed by executives from various key global markets that we surveyed for the “Intelligent banking” white paper.
To this end, 70 percent of those surveyed plan to further increase their AI budgets. A good 60 percent expect a medium to very high return on investment (ROI) from these investments.
Important findings at a glance:
High expectations
believe that banks that use AI will gain a competitive advantage over those that do not.
62%
expect a medium to very high ROI from AI investments.
But the pressure is on to show ROI
70 %
are under considerable pressure from shareholders to immediately demonstrate ROI for AI investments.
KI-Ausgaben werden sich wahrscheinlich deutlich erhöhen
70 %
planen, den Prozentsatz des globalen Budgets für KI zu erhöhen.
of which
62%by up to 20 percent.
und
38%by more than 20 percent.
The banking sector is investing in AI across the board, albeit only moderately in most cases
Percentage of global technology budget allocated to AI initiatives
Increase in the global technology budget for AI initiatives
(among those increasing their AI budget)
82%
report allocating a medium to high proportion of their global technology budget to AI initiatives
When introducing AI, the focus of management is clearly on achieving operational profits and less on the strategic value of AI
How you can benefit from your AI transformation journey
In addition to the results of the survey, “Intelligent banking” provides a structured AI roadmap for the banking industry, based on research and analysis by our industry experts.
It is intended to guide banks in the introduction of the new technology and focuses on these three steps:
Enable
In this first phase, companies develop an AI strategy, appoint responsible managers, identify high-value use cases and define ethical boundaries. AI pilot projects are introduced across business units. In addition, the main focus is on empowering employees to use the technology.
Embed
During this phase, AI is integrated into work processes, products and services. Experienced managers drive retraining and adjustments throughout the company, with a focus on ethics, trust and safety in this phase too.
Evolve
In this phase, business models and ecosystems are being developed to overcome cross-industry challenges with the help of AI and other future technologies. Ethics, trust and security remain the focus. The potential of employees is increased through additional intensive training measures.
Many banks launch AI projects without a clear, long-term strategy. They rely on individual, isolated applications instead of an overarching AI architecture - and this is precisely what prevents the technology from reaching its full potential.
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Benedikt Höck
Partner, Head of AI, Strategy and Management Consulting
KPMG AG Wirtschaftsprüfungsgesellschaft
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