IBM released its annual expectations for technology and transformation in the global financial services industry in the year ahead. The report highlights the important role of AI, particularly GenAI, in improving banks' performances.
The study says that Gen AI adoption is set to soar. Only 8% of banks were developing generative AI systematically in 2024, and 78% had a tactical approach. As banks move from pilots to execution, more are redefining their strategic approach to service expansion, including agentic AI. Steady banking convergence is giving way to contrasting financial performance. Re-imagining the business model/processes and, importantly, execution will separate the winners from the rest.
One of the key findings in the report underscores that 60% of banking CEOs surveyed acknowledge they must accept some level of risk to harness automation advantages and enhance competitiveness. While over 16% of clients worldwide are comfortable with a branchless, fully digital bank as their primary banking relationship, competition is shifting from mass-market digital offers to higher-value services, including embedded finance and advisory services to affluent investors and small and medium-sized enterprises (SMEs).
"We are seeing a significant shift in how generative AI is being deployed across the industry as institutions shift from broad experimentation to a strategic enterprise approach that prioritizes targeted applications of this powerful technology," said Shanker Ramamurthy, IBM Consulting's Global Managing Director of Banking & Financial Markets. "As banks and other financial institutions around the world gear up for a pivotal year of investing in transformation, technology, and talent, we anticipate their efforts coalescing around initiatives using generative AI to level up customer experience, boost operational efficiency, reduce risks, and modernize IT infrastructure."
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