"Big banks are betting on AI"
Summary about the state of the new RoboBanks:
- Smaller lenders will likely struggle to keep up as banking becomes an "AI-first" industry, possibly exacerbating the consolidation that many experts already expect to see in coming years.
- A new report from banking data provider Evident found that Capital One leads the industry on AI patents, Wells Fargo on investments and J.P. Morgan Chase on research.
- Insider reported earlier this year that banks are having a tough time retaining their AI researchers.
From:
https://www.linkedin.com/news/story/big-banks-are-betting-on-ai-5724004Reference:
Smaller banks and credit unions, which often rely on premium customer service as a differentiator, are already behind in AI development and deployment. As those experiences become increasingly driven by AI, smaller players could struggle, per McKinsey.
What they're saying: "Maintaining a 'wait and see' approach to AI innovation looks increasingly risky given the pace at which the leaders are accelerating away from the rest of the field," Annabel Ayles, co-founder and COO of Evident, said by email.
- "While AI innovation comes at a cost, it is cheap if measured as the cost for survival."
WHAT I AM READING TO STAY HEAD OF ALL THIS...
Here are some suggested articles covering current issues, priorities, and solutions for financial services compliance teams:
Call me to discuss your options for Strategy AND Actions...
David
David Cutler
617-331-7852
Share this post:
https://bit.ly/Banks_AI