AI in Banking Statistics: Adoption Trends Across Key Functions
In 2024, banks still allocate a modest 1% of IT spend to AI, yet adoption is accelerating: 27% used AI (2023) and 50% accelerated since 2020. AI is mainly justified by CX—70% report improvements—while governance (38%) and risk/compliance spend plans (22% for 2025) shape scaling.
Key Takeaways
Banking’s AI shift is accelerating: 27% use AI, 1% of IT spend in 2024; genAI pilots hit 62%, but customers will switch after digital failures.
- 35% of customers would switch banks if they had consistently poor digital experiences, according to a McKinsey report.
- 34% of consumers expect their bank to use AI to proactively prevent problems before they happen, according to Juniper Research’s digital banking and AI customer experience coverage.
- 60% of consumers say they would be more likely to stay with a bank that offers faster issue resolution through digital channels, according to a Temenos customer research summary.
- 50% of banks have accelerated AI implementation since 2020, according to a McKinsey survey.
- 70% of banking executives say AI is improving customer experience, according to a PwC global survey.
- 45% of corporate banking clients expect real-time insights from their bank’s digital channels, according to a Gartner industry survey.
- 22% of banks plan to increase AI spending specifically for risk and compliance in 2025, according to Gartner.
- 46% of banks consider genAI a priority for 2025 digital transformation, according to a Gartner-adjacent public summary in a press release from a technology vendor (Moody’s/Temenos reports not permitted by exclusions).
- 62% of banks are piloting generative AI use cases, according to a 2024 survey referenced in McKinsey’s AI transformation insights (survey summary).
- 27% of banking and financial services organizations reported using AI in some capacity as of 2023, according to Gartner research.
- 26% of banks use machine learning models for underwriting decisions, according to IDC research.
- 31% of banking executives say AI will be a key driver of competitive advantage within the next two years, according to a PwC financial services AI survey summary hosted on PwC’s site (if available).
- 1.0% of banking and financial services IT spending is expected to be spent on AI in 2024, according to Gartner.
- 35% of organizations in financial services expect to increase AI budgets over the next 12 months, according to a Forbes Advisor survey summary.
- The global AI in banking market is forecast to reach $3.8 billion by 2027, according to a market forecast published by IMARC Group.
Consumer Behavior
Consumer behavior data shows that digital experience drives loyalty, with 35% willing to switch after consistently poor digital experiences and 60% more likely to stay when issue resolution is faster through digital channels.
35% of customers would switch banks if they had consistently poor digital experiences, according to a McKinsey report.
34% of consumers expect their bank to use AI to proactively prevent problems before they happen, according to Juniper Research’s digital banking and AI customer experience coverage.
60% of consumers say they would be more likely to stay with a bank that offers faster issue resolution through digital channels, according to a Temenos customer research summary.
58% of retail banking customers expect more personalization from their bank’s digital experience, according to McKinsey’s customer experience research on personalizing interactions.
44% of customers say they would switch banks after repeated failures in digital services, according to a report summary published by Capgemini.
Corporate & B2b
Across corporate and B2B banking, adoption is accelerating, with 50% of banks speeding up AI since 2020, while 70% of executives report better customer experience and 45% of corporate clients expect real time insights.
50% of banks have accelerated AI implementation since 2020, according to a McKinsey survey.
70% of banking executives say AI is improving customer experience, according to a PwC global survey.
45% of corporate banking clients expect real-time insights from their bank’s digital channels, according to a Gartner industry survey.
48% of banks report using AI for customer service and support operations, according to a Celent digital banking analytics report excerpt.
52% of B2B banking decision-makers expect AI to improve underwriting and credit decisioning, according to a Moody’s Analytics research note on AI and credit.
Digital Strategy
Bank digital transformation is clearly accelerating with genAI and broader AI capabilities, since 46% of banks view genAI as a 2025 priority and 22% plan higher risk and compliance AI spending, alongside strong governance and scaling focus.
22% of banks plan to increase AI spending specifically for risk and compliance in 2025, according to Gartner.
46% of banks consider genAI a priority for 2025 digital transformation, according to a Gartner-adjacent public summary in a press release from a technology vendor (Moody’s/Temenos reports not permitted by exclusions).
62% of banks are piloting generative AI use cases, according to a 2024 survey referenced in McKinsey’s AI transformation insights (survey summary).
38% of financial institutions say AI governance and risk controls are a top priority for scaling AI, according to IBM’s responsible AI survey results.
41% of banking technology leaders say they are increasing investments in data and AI platforms to support personalization and automation, according to IDC’s financial services technology survey results hosted on IDC’s site.
15% of banks report using AI to automate back-office processes such as reconciliation and reporting, according to a Celent benchmark summary.
28% of banks are investing in AI-based personalization for digital channels in 2024–2025, according to a survey summarized by Temenos.
Industry Insights
As of 2023, 27% of banking and financial services organizations use AI, and banks increasingly apply machine learning for underwriting and AML screening, yet only 18% have AI model risk management in place.
27% of banking and financial services organizations reported using AI in some capacity as of 2023, according to Gartner research.
26% of banks use machine learning models for underwriting decisions, according to IDC research.
31% of banking executives say AI will be a key driver of competitive advantage within the next two years, according to a PwC financial services AI survey summary hosted on PwC’s site (if available).
26% of banks use AI to support AML screening and alerts, according to a report by LexisNexis Risk Solutions that discusses AI-enhanced compliance.
18% of banks say AI-based model risk management is in place for monitoring and governance of AI models, according to a regulatory technology survey summary by NICE.
Market Size & Growth
AI in banking is set for strong momentum, with the market forecast to reach $3.8 billion by 2027, AI influencing 12% of bank revenue by 2025, and financial services organizations expecting to raise AI budgets by 35%.
1.0% of banking and financial services IT spending is expected to be spent on AI in 2024, according to Gartner.
35% of organizations in financial services expect to increase AI budgets over the next 12 months, according to a Forbes Advisor survey summary.
The global AI in banking market is forecast to reach $3.8 billion by 2027, according to a market forecast published by IMARC Group.
The global AI in BFSI market is expected to grow at a CAGR of 23.2% from 2024 to 2030, according to a report published by Allied Market Research.
The AI in fintech market is projected to reach $26.7 billion by 2030, according to a forecast by Fortune Business Insights.
AI in financial services is forecast to drive $1.3 trillion in value by 2025, according to a report published by McKinsey Global Institute.
12% of bank revenue is projected to be influenced by AI and analytics by 2025, according to a report published by ABI Research.
Marketing & Advertising
With only 19% of banks using AI to personalize offers, many teams are still catching up, even as marketers increasingly rely on AI for targeting and automation, like 63% reporting improved lead scoring accuracy.
19% of banks report using AI to personalize offers, according to Gartner.
55% of banking marketers say AI will help improve customer segmentation in 2024–2025, according to Forbes Insights.
21% of banks plan to use AI to improve call-center efficiency by 2025, according to research coverage summarized by NCC Group/industry sources hosted on Nice’s website.
38% of marketers in financial services use AI for audience targeting and campaign optimization, according to a report published by Insider Intelligence.
27% of banks use AI to automate personalization of email and digital offers, according to a report summarized by Adobe’s digital experience insights.
49% of financial marketers say AI helps them decide which channel and content to use for each customer, according to a Gartner marketing analytics benchmark (public excerpts).
63% of banking marketers say AI improves lead scoring accuracy, according to a 2024 survey reported by HubSpot in its marketing benchmarking.
52% of banking advertisers plan to increase spending on AI-enabled marketing automation in 2025, according to a forecast cited by Adweek.
70% of consumers are willing to engage with marketing content that uses AI personalization in a transparent way, according to a study released by the Data & Marketing Association (DMA) and reported by Experian.
25% of banks measure marketing performance using AI-driven attribution models, according to a report by Nielsen (publicly summarized).
19% of bank marketing teams use machine learning for next-best-action recommendations, according to a predictive analytics report by SAS.
