Partner Insights from
Interviews with senior bankers to understand the issues around quantifying business benefits from AI, highlighted factors ranging from getting the right foundations in place, developing stronger change management capability and implementing effective risk and governance structures, especially as banks scale up.
Quantifying AI is raising a whole new set of issues, including better data infrastructure and management, greater cloud capability and focusing on supporting people as their work changes significantly. Despite the hype, we are still at the early stages.
AI impacts banks in three ways :
- The need to quantify ROI: A quarter of banks (24%) admit they don't know how they will measure the contribution of AI tools and just under half (49%) are still at the planning stage.
- Data and security challenges: The ability to secure sensitive data - 51% saw it as 'a make or break' issue – as well as poor data quality and governance, are inhibiting AI growth.
- Getting the right foundations in place: 55% strongly agree that AI is accelerating both cloud adoption and legacy modernization in the banking sector, including the development of data and analytics platforms.
Download the report to find out how other banks are coping with the challenges of AI benefit realization.