A study by Genpact shows that nearly 97% of commercial banks are using Artificial Intelligence but are not implementing the technology effectively for competitive advantage. According to the survey conducted by Genpact with commercial banking executives on the industry’s changing landscape. The research reveals that while many banks understand the growing importance of CX and AI, questions remain regarding their ability to use AI for greater value and mine data effectively to embrace digital transformation and enhance service.
More than half of the survey respondents (51%) are using AI simply for point solutions and individual tasks, with 27% testing in pilots, and only 19% leveraging it across the bank holistically. Two-thirds of respondents say they expect to use AI across their organization in the next 12 to 18 months, compared with fewer than one in five today. Yet, some executives surveyed seem hesitant about whether AI will deliver on its promises to drive new personalized services to improve customer experience.
“Banks must do a better job at anticipating and quickly incorporating CX innovations. AI can be a major driver given its ability to interpret droves of data to develop highly-tailored solutions that businesses want” said Mark Sullivan, global business leader, Banking and Capital Market, Genpact.
“Our research shows that while leading commercial banks overwhelmingly see CX as a competitive advantage, many others are in danger of missing opportunities to build deeper customer relationships,” Sullivan said. “Few financial institutions are mining data effectively across products and other information sources to develop personalized services – which is exactly what fintechs and techfins deliver today.”