The third annual Global Banking Benchmark Study from Publicis Sapient has been released.
SHARE THIS STORY
The report reveals that artificial intelligence (AI) dominates banks’ digital transformation plans, signalling that their adoption of AI is on the brink of change.
Executives find digital transformation more challenging than they did when Publicis Sapient conducted this survey two years ago. They are looking to digital to improve the bottom line. Budgets are tight, so executives are shifting their digital transformation priorities from “doing more” to “doing better”.
Going beyond incremental improvements with AI in banking
AI is not new to financial services. Banks have used it for years to automate insight generation, augment employee skills, eliminate repetitive tasks and more.
But GenAI is different. GenAI brings nuance, breakthrough capabilities and exciting potential to banks’ AI journeys. It can help banks drive operational efficiencies and create cost savings. That’s just what’s needed in the current environment where belts are tight and business cases are scrutinised.
At the same time, GenAI can help banks transform employee and customer experiences and innovate every aspect of how they do business. The goal is to go beyond implementing the technology itself to thoughtfully incorporate Gen AI into the underlying business model, existing workflows and enterprise-wide digital business transformation.
AI-powered, customer-focused transformation built on agility, data and cloud begins internally
While this momentum around AI is kickstarting the next wave of digital transformation in banking, there are complex technological, organisational and cultural changes that must happen with this shift. The importance of bringing the workforce along with the change should not be underestimated. Even industry leaders could find themselves chasing the pace of change because there’s always a new horizon to conquer.
“AI, machine learning and GenAI are both the focus and the fuel of banks’ digital transformation efforts. The biggest question for executives isn’t about the potential of these technologies. It’s how best to move from experimenting with use cases in pockets of the business to implementing at scale across the enterprise. The right data is key. It’s what powers the models.”
Dave Murphy, Financial Services Lead, Global, Publicis Sapient
Download the full report to get exclusive insights from 1,000 senior banking executives to learn:
What leaders are doing—and how they’re using their budgets —to transform their businesses with Gen AI
The role of agility when it comes to customer and employee experience transformation in banking
Banks that make the most of Gen AI with the right foundation can connect, innovate and compete in ways they never could before, all while preserving consumer trust.
Group Chief Transformation Officer Matt Baillie on maintaining the soul of a FinTech with the gravitas of FTSE business during a full stack tech transformation
IT Director Mo Dawood on delivering a total IT transformation, why people and end-users are at the heart of any tech programme, and the importance of data and visibility to the business
Kevin Briggs, Vice President of Public Sector at AvePoint, discusses pioneering data security and management transformation in the global public sector
We sat down with Sid Ghatak, founder of PivotalEdge Capital, to discuss proper data use, hedge fund disruption, and why it’s never too late to find a new path
By working closely with our customers at every step of the way we ensure that we capture the dedication, enthusiasm and passion which has driven change within their organisations and inspire others with motivational real-life stories.