AI In Banking: Artificial intelligence could be a near $450 billion opportunity for banks — here are the strategies the winners are using

Executive Summary

Banks are using AI to transform their front- and middle-office, and unlock massive cost savings opportunity.

Three Key Questions This Report Will Answer:

• What are some interesting use cases of banks using AI across the front and middle office?
• What is the return on investment that incumbents will see in the next 5 years from the AI opportunity?
• Which are the winning strategies incumbents can employ for AI adoption?

WHAT’S IN THIS REPORT? In this report, Insider Intelligence will analyze how banks can use AI to transform their front- and middle-office, enabling cost cuts, risk mitigation, revenue enhancement, and a better customer experience. The potential cost savings for banks from AI applications is estimated to reach $447 billion by 2023. We then zero in on how various banks are implementing AI to identify winning strategies, and based on these, formulate seven recommendations for banks to best capture AI’s potential.