Analysis: Is AI really set to transform the banking industry?

Shameek Kundu, Head of Financial Services at TruEra, looks at whether AI's credibility gap could hold back the banking industry. Artificial Intelligence (AI) is widely seen as key to the banking industry's transformation. Industry surveys, including one from the Bank of England, suggest that two in every three financial institutions have adopted AI in some form. In most banks, neither the 2020 budget restrictions nor the failure of some AI systems during COVID-19 appear to have slowed down AI-related recruitment or technology spending. But is the reality of AI adoption in banking living up to the hype?