Why banks are betting big on artificial intelligence

Before the pandemic, AI in banking was primarily used to automate routine tasks. But banks now see it as a vital tool to support product innovation, develop new business models, and provide a personalised experience for every customer. A recent Economist Intelligence Unit (EIU) survey of banking executives for Temenos found that 85% have a "clear strategy" for adopting AI to develop new products and services. It revealed over a third are prioritising AI to improve customer experience through personalisation. Some are also looking to acquire or partner with fintech companies to enhance their customer experience through a personalised experience when offering investments, saving deposits, and retail lending.