Banks enter agentic AI era as tech race heats up, ROI in focus
This article was written by Bloomberg Intelligence Senior Industry Analyst Tomasz Noetzel and Industry Analyst Mar'Yana Vartsaba. It appeared first on the Bloomberg Terminal.
Agentic AI's impact on bank productivity and efficiency is likely to exceed expectations from Bloomberg Intelligence's late-2024 generative AI survey. Yet the path to full autonomy could take more than five years because of data governance, legacy systems and regulatory scrutiny. As deployment scales, ROI will emerge as the defining benchmark.
Banking prepares for agentic AI transformation
The next major shift in banking will come from autonomous agents that reason, plan and act, based on our conversations at June's Money 20/20 conference. Agentic AI can handle complex workflows like resolving customer queries, optimizing account balances and executing transactions. Yet major technology upgrades are needed to realize this potential as well as robust deployment architectures and integration with core platforms. Data governance, legacy systems and regulatory scrutiny suggest the path to full autonomy could take more than five years.
Bloomberg Intelligence's late-2024 survey highlights a growing divide between early AI adopters and laggards: nearly 50% of banks expect lower costs in the next 3-5 years (half predict a 5-10%drop), while more than 40% expect rising costs, with 15% of respondents by over 10%.
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