80% of banks already use AI to optimise their internal processes
The strategic adoption of Generative Artificial Intelligence in banking has opened an innovative chapter in the digital transformation of the sector.
In a context in which the aim is to improve operational efficiency, eight out of ten banks are already using AI to optimise their internal processes. This is reflected in the latest Ascendant report from Minsait (Indra Group) which, under the title ‘AI: X-ray of a revolution in progress’, analyses its degree of adoption in private companies and public institutions.
The study also reveals that 56% of banks are focusing their efforts on specific use cases such as improving transaction processing, for example, managing requests or automatically reading documents. Another of its specific applications is in the area of risk management and compliance, where one in three organisations is already implementing AI for the detection of alerts, in the processes of admission, granting and monitoring of credits or the prevention of fraud and money laundering.
In this sense, cybersecurity management is also already one of the main applications in the sector. In fact, 38% of companies use Artificial Intelligence for cybersecurity threat detection and pattern analysis.
These use cases are not only being integrated to optimise internal operations, but are also designed to significantly enrich the customer experience. Thus, 48% of companies say that one of their main motivations for adopting Artificial Intelligence is to improve knowledge of and relationship with the end customer.
The use of AI is driving the evolution of digital banking while generating new business models and giving access to new segments. The ability to understand user habits and anticipate their needs allows banks to offer proactive and personalised solutions, resulting in greater customer loyalty and retention. These advances allow banks to provide services that until now were only available in the context of wealth management, private banking or corporate banking.
Despite the notable technological progress that the emergence of Artificial Intelligence has brought to the sector, there are still certain barriers that it will have to overcome to guarantee an adequate adoption and integration of digitalisation, such as the lack of a stable regulatory framework, the absence of technological infrastructure in banks or the scarcity of qualified professionals.
Artificial Intelligence as an asset for banking
The banking sector is immersed in establishing a solid foundation to continue scaling Artificial Intelligence effectively in its operations. In the coming years, banking is expected to continue undergoing significant transformation thanks to the cross-cutting applications of AI, which make it an asset of the strategy and not just a technological enabler or improvement.
According to Minsait, the sector is heading towards a future where organisations continue to apply AI in the different links of the value chain, boosting productivity and efficiency and considering this tool as a perfect complement to human judgement. This approach ensures that the potential benefits of AI can be maximised, while maintaining careful oversight of operations and results.
‘The banking sector is experiencing a particularly dynamic situation due to economic, political and social factors, and this has an impact on the need to commit to profound transformations in business processes in order to maintain competitiveness and adapt, among other things, to the demands of end consumers and the need to make these processes more efficient. Rising inflation and changes in consumer habits have pushed financial institutions to accelerate and make an impact with their innovation strategies,’ says Juan Ignacio Fernández Pérez, director of Financial Services and Insurance at Minsait.