Investment in AI by banks and financial institutions for risk-related functions such as fraud and cybersecurity, compliance, and financing and loans has grown dramatically in the last half-decade compared to customer-facing functions.
We recently launched our AI in Banking Vendor Scorecard and Capability Map report, our largest report on the state of artificial intelligence in banking. During the course of our research, we worked with experts including PhDs in AI and corporate heads of AI at top US banks to categorize AI vendor products based on the banking functions into which they are applied. We found that many of the AI products we categorized could be applied to more than one business function.
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