Executive summary
SMEs are eager to sign up for digital services that use AI to improve the efficiency and profitability of their businesses. But many banks are keeping AI applications, which might support SMEs, on the back burner. They’re reluctant to move successful pilot projects into production.
Delays in scaling AI applications put SME banking revenues at risk. Scores of tech-savvy fintechs are already offering small businesses a wide range of innovative products and services. And competition is rising.
To explore how banks can scale AI and better support SMEs, the Qorus SME Banking Community and EY hosted an online event that featured experts from across the financial services industry. Alongside industry specialists James Sankey and Matt Cox from EY speakers included Bruno Rosevics of Banco Bradesco, Michel Branco of Banco do Brasil, Pavel Januška of ČSOB in the Czech Republic, and Bruno Reggiani of Italian fintech Tot.
Banks making the greatest progress with AI are already focusing on the financial returns they can generate from these new technologies, says EY’s Sankey. This value focus unlocks AI’s transformative capability.
Key points:
- Banks risk SME revenue by leaving AI in pilots while fintech competitors roll-out innovative digital services.
- Business strategy should set the agenda for the development of AI applications, not technology priorities.
- Establish governance frameworks early by building guardrails, engaging risk teams, and enforcing data controls from day one.
- Banco Bradesco has run more than 400 AI experiments and implemented over 60 applications while Banco do Brasil’s Ari AI assistant serves 100,000 SMEs and delivers 60 million recommendations each month.
- EY reports that 90% of CFOs would use an AI financial advisor and 86% an AI treasury assistant.
Check out the live poll results!
