The AI imperative: The future of frictionless banking
In a world where artificial intelligence and machine learning (AI/ML) are redefining industries, our report delves into the transformative potential of these technologies in the banking sector.
In partnership with
Amazon Web Services
AWS is a pioneer at the intersection of financial services and cloud technology, enabling our customers to optimize operations and accelerate growth through the broadest set of services and partner solutions all while adapting to everchanging regulations.
Artificial intelligence and machine learning (AI/ML) are nothing new in financial services—banks have been using these technologies to some extent for over a decade. But what is new is the abundance of data we have at our fingertips, the advancement of computing power, and the broad availability of large language models (LLMs).
All this means these technologies have the potential to transform banking. In fact, AI and analytics could add $1 trillion to the industry annually.
This impact will be impossible to ignore. That’s why, in collaboration with Qorus, Amazon Web Services (AWS) has conducted a research project exploring the transformative potential of AI/ML and generative AI in financial services.
The results of the research show that we are at a pivot point in terms of AI/ML adoption, with the majority (81 percent) of respondents planning to adopt it to improve customer service in the next 12-18 months. Over half (56 percent) say they will use the technologies for risk management improvement, followed by back-office optimization (49 percent), automated compliance and regulatory reporting (28 percent), and developer productivity (25 percent).
Clearly, there are huge opportunities around AI/ML. While several impediments (such as data infrastructure, regulations, and explainability) will need to be addressed along the way, those banks that successfully embed these technologies across their value chain stand to reap the rewards.
Our insights are derived from a survey of over 100 senior banking executives and in-depth interviews with established industry leaders. These executives shared their experiences, challenges, and visions for the future, offering a well-rounded perspective on the current state and future potential of AI/ML in banking. In addition, AWS thought leaders, recognizing the need for banks to experiment and invest, as well as the impediments to doing so, share insights to help banks pave a roadmap for the future. They provide insights on what to consider when implementing generative AI, and how to find the right balance between innovation and compliance.
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