New Report From Evident Lifts The Lid On How Banks Are Driving Value From AI

 


AI is poised to revolutionize banking by enhancing over 100 different processes across five key areas, as revealed in a report by Evident, a benchmarking AI platform. To stay competitive in the race to adopt AI, banks are not only identifying AI use cases but also building internal structures to facilitate large-scale deployment while prioritizing the highest return on investment. The Evident AI Outcomes Report drew insights from discussions with executives at 30 major banks and analyzed public communications from 50 banks regarding AI use cases. The five core areas where AI can create value in banks encompass increasing income, reducing costs, mitigating risks, enhancing customer satisfaction, and improving staff satisfaction. The study identified 100 initial AI use case families across 14 critical banking functions such as credit scoring, customer acquisition, and fraud detection.

Evident reports that several banks are now publicly disclosing the number of AI use cases in production and the resulting return on investment. For instance, Société Générale has 340 data and AI use cases in production, expecting to generate EUR 500 million in value, while DBS Bank has seen a revenue increase of over USD 100 million from its 300 AI and machine learning projects. BNP Paribas has introduced more than 700 use cases, aiming for EUR 500 million in value by 2025, and JPMorgan Chase has over 300 use cases in production, with a goal of delivering USD 1 billion in business value through AI.

Read More - https://www.techdogs.com/tech-news/business-wire/new-report-from-evident-lifts-the-lid-on-how-banks-are-driving-value-from-ai

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