AI maturity in the banking and financial services industry

Current AI adoption

The BFS sector demonstrates a steady approach to AI adoption, with respondents fairly evenly distributed across the maturity journey, following the same trend as the global average.

While all of the industries surveyed prioritise IT and security use cases, the BFS sector stands out for its strong focus on using AI in finance. In fact, it is the only focus area where the sector leads globally, with 61% leveraging AI for financial applications compared to the global average of 51%.

Decision-makers within this sector have the expertise to understand their finance workload, meaning they’re able to uniquely know how AI can help streamline or optimise finance workflows. They also have an increased need for real-time data analysis for risk assessments, fraud detection or credit scoring, which AI can help revolutionise.

At the other end of the spectrum, the sector’s AI use in customer service (37%) and research & development (37%) is substantially lower than the global trend (53% for both areas).

This is surprising, given the industry’s focus on enhancing customer experience through personalised financial products and efficient service delivery, such as AI-powered virtual assistants for instant query resolution or tailored financial planning recommendations. It’s likely a few factors are at play here. First, the sector operates across countries, with some locations having strict regulatory constraints. This means organisations may be hesitant to adopt AI in customer service to avoid potential errors or penalties. Second, it’s likely customer trust is a contributing factor. The BFS sector contains sensitive and confidential information that must be safeguarded. When a customer approaches a bank, they may prefer human interaction or interaction with well-established and trusted services, due to a lack of trust that AI could have in resolving complex or high-stake issues such as a mortgage application or advice.

This gap in AI adoption within customer service and research & development presents both a challenge and an opportunity for the sector. While regulatory constraints and trust issues may inhibit the use of AI in these areas, addressing these barriers could unlock significant value. By finding ways to build customer confidence in AI-driven interactions and ensuring compliance with strict regulations, organisations could enhance customer experience and drive innovation in product development. As the demand for personalised, efficient financial solutions grows, overcoming these hurdles could position the sector as a leader in leveraging AI for both operational excellence and customer-centric strategies.

There’s a growing focus within the sector to remain competitive with healthy profit margins, and this is an area where AI can help. Our research finds that within the BFS sector, AI-driven automation is deemed the most important technology for organisational success in the next two years. The ability to streamline tasks such as data entry, transaction processing and compliance reporting will help improve innovation and will help boost overall customer success, leading to a successful and profitable organisation.