"AI is no longer optional at banks. The road map, and showing how it pays off, is the hard part. Alexandra Mousavizadeh, the cofounder and co-CEO of Evident, which tracks AI use in the financial industry, said some AI capabilities are "table stakes" for banks at this point - think back-office functions like reviewing legal documents and routine onboarding tasks. Beyond that, though, Mousavizadeh banks need to double down on their "competitive edge.""
"Banks are pouring billions into AI, and the technology is expected to redefine 44% of the work done there by 2030, according to consulting firm ThoughtLinks. JPMorgan, which has snagged the top spot in Evident's ranking of AI maturity, has invested at least $2 billion into the technology and is rolling out tools across its more than 300,000-person workforce. Some investors and analysts are starting to wonder about the returns, though."
AI adoption is now essential for banks, with certain capabilities already regarded as table stakes such as reviewing legal documents and routine onboarding. Banks should prioritize AI investment where they hold competitive advantage, scaling successful applications as a new strategic north star. Major institutions are investing billions and expect AI to reshape a large portion of work by 2030, while investors seek visible productivity and revenue outcomes. Centralized technology decision models can accelerate deployment, and broad adoption requires combining bottom-up experimentation with top-down coordination to embed AI across operations.
Read at Business Insider
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