Despite nearly all commercial banks using AI, only 19% are using the technology holistically across the enterprise, according to a study from Genpact.
In new research from the AI solution builder, it found 97% of commercial banks are using AI; however, 51% of these are just using it for point solutions and individual tasks and 27% testing in pilots.
Its findings come as part of its Commercial Banking: The Customer Experience Imperative study which got surveyed 500 senior commercial banking executives on the industry’s changing landscape.
While banks are not making the most of AI technology, they are optimistic about its future use. Two-thirds of respondents stated they expect to use AI across their business in the next 12 to 18 months.
There are still some banks which are not on board the AI bandwagon, with 13% stating there are no plans to use AI in the next 12 to 18 months. This means, some of the banks currently using the technology may scrap it.
In addition to questioning the appetite of AI, Genpact sought opinions on FinTech. The researched found that around 56% of respondents saw FinTechs as potential partners, while the other 44% saw them as a competitive threat.
Genpact global business leader Mark Sullivan said, “With digital technology opening new access to sales and payment data, non-traditional players have leapfrogged many established commercial banks in delivering quality customer experiences.
“Banks must do a better job at anticipating and quickly incorporating CX innovations. AI can be a major driver given its ability to interpret droves of data to develop highly-tailored solutions that businesses want.”
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