A new global report highlights that the banking sector is leading in GenAI adoption compared to other industries. In a recent survey, 17% of banking leaders reported full integration of GenAI. With 60% using it in some capacity and most others planning to follow. While data privacy and security remain key concerns, the study shows banks are already benefiting from GenAI.
The report, Your Journey to a GenAI Future: A Strategic Path to Success in Banking, conducted by SAS and Coleman Parkes Research, surveyed 1,600 global business leaders, including 243 senior banking executives. Their insights reveal how banks are leveraging GenAI, the challenges they face, and how they compare with sectors like insurance, healthcare, and retail.
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“GenAI is a prominent trend across industries, especially in financial services,” said Alex Kwiatkowski, Director of Global Financial Services at SAS. Early adopters in banking, notably, report significant benefits in risk management and compliance.
The report shows that 98% of banking leaders are either using GenAI or planning to do so in the next two years, with 90% allocating a dedicated GenAI budget. Beyond the 17% with full integration, 43% are experimenting at an enterprise level. Banks are using GenAI across functions such as marketing [47%], IT [39%], sales [36%], finance [35%], and customer service [24%].
While banks see GenAI as a valuable tool, challenges remain. Privacy [74%] and security [71%] are the top concerns, with synthetic data emerging as a potential solution. Many banks also face hurdles in governance, with only 6% having a well-established framework. To ensure trustworthy AI, governance is seen as essential.
“GenAI is transforming banking at a remarkable pace,” Kwiatkowski noted, emphasizing that trustworthy AI requires human-centricity, transparency, and accountability.
