A perfect storm of pressures which has been building on the financial services industry for years has come to a head. Covid-19 has been a catalyst for change for institutions who have been facing a build-up of competitive and regulatory pressures and now have to face the urgency of making their business models fit for purpose. AI, for many years a "nice to have", has now become integral to running a financial services business efficiently and profitably. US banks are ahead of the curve here: many have already gone through their AI transformation and as a result are in better shape for the next decade. Many European institutions need their own AI revolution in order not to become obsolete.