The American Bankers Association shared a global survey by Hanover Research for bank technology company Temenos, which reveals that over half of financial institutions are now using generative AI (GenAI) technologies.
According to the findings, 11% of banks have already deployed GenAI, while an additional 43% are in the process of doing so. Adoption is particularly strong among larger institutions. 79% of banks with assets over $250 billion have used GenAI, compared to just 40% of banks with assets under $10 billion.
The primary motivations for banks adopting GenAI include:
- Enhancing customer experience (64%)
- Improving customer service (58%)
- Boosting internal productivity (55%)
In response to the growing importance of AI, 42% of banks have established dedicated GenAI oversight teams. Most institutions reported that internal approval for GenAI initiatives was secured in less than 12 months.
Click here to read the full article from the ABA Banking Journal.
Approved Source: American Bankers Association Banking Journal
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