Only 1 out of 4 Banks Using AI for Competitive Advantage: BCG Report

Only 1 out of 4 Banks Using AI for Competitive Advantage: BCG Report

Get latest articles and stories on Business at LatestLY. Only one out of four banks worldwide is using artificial intelligence tools to gain a competitive advantage over peers, even as such emerging technologies are fundamentally transforming the banking sector, according to a report by consultancy firm Boston Consulting Group (BCG). Business News | Only 1 out of 4 Banks Using AI for Competitive Advantage: BCG Report.

AI strategies transform only 25% of financial institutions

Only 25% of financial institutions effectively use AI for competitive advantage, while 75% miss strategic opportunities, BCG reveals.

How artificial intelligence could transform the banking industry

Artificial Intelligence (AI) is slowly but steadily reshaping technology use, influencing market dynamics, and destabilising the growth of major tech giants. Now AI looks set to transform our banking industry too. As the AFR reports, ANZ Group Holdings (ASX: ANZ) group executive of technology, Gerard Florian, says his teams are creating artificial intelligence-powered "agents".   These AI agents will initially be used to work alongside bankers. …

Autonomous AI is disrupting banking, but most firms aren’t ready

Only 25% of banks are integrating generative AI into their core strategies, according to new research from Boston Consulting Group (BCG), placing the majority of institutions at risk of losing ground to digital-first challengers. While many banks are still experimenting with AI in siloed pilots, the leap toward autonomous, agentic AI is already underway—set to redefine customer interactions, fraud detection, compliance, and core banking operatio…

Financial services sector shows reluctance to embrace AI

Artificial intelligence (AI) may cut costs, but financial services companies have reportedly been slow to embrace it. That’s according to a report Sunday (June 30) by the Financial Times (FT), which said that regulatory concerns and worries about job losses have kept banks from adopting AI products. “The big banks will definitely not adopt [the technology] as quickly as any of the FinTech,” said Tom Blomfield, co-founder of neobank Monzo and gro…