Principal | Head of Strategy and Management Consulting Executive Search at Patrick Morgan
❗AI's $1 Trillion Boost for Banks! According to a recent article on Consultancy.uk, industry leaders believe that AI has the potential to boost revenues in the banking sector by a staggering $1 trillion by 2030. Despite some scepticism and concerns over the hype surrounding new technologies, leading banks have already embraced AI innovation, positioning themselves ahead of the competition. Roland Berger's analysis reveals that AI capabilities could not only unlock substantial global banking revenue pools but also reduce costs associated with compliance, operations, and customer service by up to 25%. The survey also sheds light on where top executives anticipate AI's impact on a bank's value chain. A resounding 85% believe that AI will significantly enhance customer-facing activities, from sales to client services. Additionally, 66% foresee improvements in compliance and risk management, as well as IT operations. To maximise the benefits of AI, banks must make strategic choices in implementing the technology and identify areas within their organisations where it can have the most significant impact. Roland Berger's analysis of AI leaders in banking highlights key best practices driving early success. Notably, AI leaders are more focused on developing AI use cases (100%) and investing in robust AI and technology infrastructure (71%) compared to the industry average. One crucial aspect highlighted in the study is the importance of human talent in the AI transformation process. While there is a growing war for digital talent, AI leaders prioritise the sourcing and development of talent as part of their efforts, with 14% emphasising this compared to just 3% in the wider market. This underscores the significance of managing human AI talent, suggesting that firms prioritising this aspect will likely emerge ahead in the mainstream adoption of AI technology. Exciting times lie ahead for the banking sector as AI continues to demonstrate its potential for transformative growth. With 49% of banking executives expecting AI to impact the sector by the end of 2025, the momentum is building, and it's crucial for banks to strategize and invest wisely in AI to stay ahead in this dynamic landscape. 🌐💡 🔗 Full article: https://lnkd.in/eY5x8sdY #AIinBanking #DigitalTransformation #FutureOfFinance #RolandBerger
Partner @ Qualified Capital | Advisor @ Diagen Ai | Pharmacist | Investor in AI and Healthcare
9moFascinating insights on AI's potential in the banking sector! The future looks bright.