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09/27/2024
72% of Finance Leaders Use AI in Their Operations
PYMNTS
As artificial intelligence (AI) becomes more integrated into banking, the financial sector stands on the brink of a major shift. The adoption of AI tools could redefine not only operational strategies, but also the essence of customer interactions.
Amid rising consumer frustration with traditional banking, the question looms: can AI enhance the retail banking experience for the better? A PYMNTS Intelligence report, “Is AI the Master Key to Banking’s Next Era?,” in collaboration with NCR Voyix, explores AI’s potential impact on the future of banking.
The Promise of AI in Banking
AI’s potential to revolutionize the financial industry is evident across various applications. According to the report, 72% of finance leaders report actively using AI in their operations, with its applications ranging from fraud detection (64%) to customer onboarding automation (42%). The enthusiasm for AI doesn’t stop there; nearly all banking boards have approved generative AI initiatives, reflecting a recognition of its strategic importance.
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