The importance of continuous AI innovation in banking

Continuous AI innovation offers a multitude of benefits that are critical for financial institutions to remain competitive, satisfy customers, maximize efficiency, and optimize revenue. Building AI maturity needs to be a strategic priority to ensure future success.

Despite all of the talk about AI in financial services, banks and credit unions struggle to know where to start and where best to deploy resources at a time of continued economic uncertainty. Few would argue against the premise that adopting new AI technologies is essential for financial institutions to keep pace with changing customer expectations, to defend business against fintech, big bank and non-financial challengers, and to operate more efficiently.

The key is to maximize AI maturity across the entire organization, reimagining and improving products, services, and processes, hyper-personalizing communication and recommendations to customers, automating manual workflows, and proactively identifying and mitigating emerging risks.

What is “AI maturity”? The term represents the level of commitment, deployment and success of artificial intelligence initiatives in an organization.

Failing to innovate with AI is increasingly putting banks and credit unions at existential risk of falling behind the competition. The AI Innovation Report from Evident Insights found that focusing on AI innovation enables the complete transformation of banks into data-centric organizations. AI innovation also enables leading banks and credit unions to envision the future of financial services, and take the necessary steps to remain dominant players going forward. The report maintains that organizations that fail to make AI innovation core to their strategy risk being left behind in what is increasingly, at least among the largest players, becoming an AI-first industry.


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