Abstract

This IDC Perspective reviews the findings of IDC's 2021 Worldwide Industry AI Path Survey specifically for artificial intelligence (AI) as a transformational technology in the global banking industry. Artificial intelligence refers to systems that learn, reason, adapt, and self-correct like a human, harnessing the power of data for more meaningful engagements and new growth opportunities. Banks that can find the fundamental value in data they amass and learn to extract and use it to drive better decision making, increase operational efficiency, and felicitously engage with customers will be tremendously rewarded. Data-driven innovation with far greater personalization and automation is a strategic imperative for companies to thrive and grow in this new digital economy. Banks that ignore these trends risk customer fallout. Banking in some form or another will always be necessary, but how long will traditional banks be relevant if they don't adapt?

"Banks are increasingly adopting AI technologies to push the boundaries of innovation, creating operational efficiency and memorable customer experiences with more valuable engagements," says Karen Augustine, research manager, IDC Financial Insights.

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