Nearly all (97 percent) commercial banks are using artificial intelligence (AI), according to new research from Genpact, a global professional services firm focused on delivering digital transformation; however, most financial institutions are not implementing the technology effectively for competitive advantage.

More than half of the survey respondents (51 percent) are using AI simply for point solutions and individual tasks, with 27 percent testing in pilots, and only 19 percent leveraging it across the bank holistically.

With pressures mounting from fintechs and other non-bank disruptors, these AI trials raise concerns about how effectively commercial banks can use the technology to improve customer experience (CX) and better compete.

Genpact’s study, Commercial Banking: The Customer Service Imperative, surveyed 500 senior commercial banking executives on the industry’s changing landscape.

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