AI at work: Turning AI potential into results

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UiPath

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Digital Reinvention
03/09/2024Study

The potential of AI in banking is undeniable, especially in an industry still dependent on manual processes and outdated infrastructures. Generative AI alone could contribute up to $340 billion annually to the global banking sector through enhanced productivity. Banking leaders recognize this promise, with nearly two-thirds of executives expecting a positive ROI from AI-driven automation. Some leading banks are already seeing impressive results—enhanced customer experiences, increased operational efficiency, and significant cost savings. For instance, SMBC has saved $136 million annually, while NatWest has cut test script build time by 75%.

However, success is currently limited to a pioneering few, as many traditional banks struggle with budget constraints, limited in-house capabilities, and navigating complex risks and regulations.

Beyond these individual successes, our research has identified four key areas where automation, AI, and generative AI will have the greatest impact on banking: unifying the customer experience, improving operational efficiency, expanding the global talent pool, and enhancing risk management. 

We’ll explore each of these areas in detail, drawing on insights from industry leaders worldwide to understand the challenges and innovative solutions that have paved the way for their success.

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