Our AI adoption index shows that banking is the most advanced sector when it comes to implementing AI and ML technologies. The key use cases are fraud detection and cyber security, areas where AI can quickly detect patterns and prevent fraudulent activity.
Unfortunately, it is also a tool available to fraudsters – an AI arms race is underway as banking firms seek to stay one step ahead. As a result, it is critical that banks consider the risk and control environment within which they will deploy AI solutions, to ensure adequate protections are in place to mitigate these risks.
"Nobody needs convincing about the benefit of AI, or indeed the number of use cases. The hesitation is to what extent AI requires a significant business model change rather than trying to speed up existing processes. "
Paul Greenan, Partner, Customer and Operations - Banking
Banking
From fraud detection to onboarding to account management, AI is bringing significant improvements to both customer service and operating expenses. It is potentially the next big growth engine.
Read the sector overviewBanking top 10 companies
As they recover from the impact of the pandemic on their customer service model, first direct return to number 1. They have consistently been in the top 3 companies in the index for the past 13 years.
-
first direct
-
American Express
-
Nationwide
-
Chase
-
Coventry Building Society
-
Marcus by Goldman Sachs
-
Atom Bank
-
Monzo
-
Leeds Building Society
-
Starling Bank
Source: Based on the views of 13,143 consumers in the UK CEE 2023 research
Download the 2023 Customer Experience Excellence report
UK consumers want brands to resolve their problems quickly and with little friction however, they also do not want to interact with faceless technology. Read the CEE UK Report 2023 to discover how organisations leading in customer experience are striking the right balance between human and machine when anticipating and responding to customer needs.
Download the report ⤓