Banks focus on efficiency with AI 

Explore the perspectives of 300+ banking professionals on the potential and value of artificial intelligence from the Avanade AI Readiness Report.

find efficiencies in banking with AI

AI readiness: banks need to invest in technology and people

Major data and analytics investment and staff training is required

There is a strong focus on automation, data and analytics platforms to scale AI across the business. But this will not necessarily lead to headcount reduction. Rather, AI will change the nature of the tasks performed in the workplace. Almost a quarter of bankers (24%) thought that AI will help them take more intelligent actions with assistance from generative AI tools, such as Microsoft 365 Copilot.

However, over half of the banks interviewed (53%) reckon they will need significant support to train staff to use generative AI tools. “The data most companies have gathered wasn't for machine learning or AI,” commented one European banker. “That data may not be useful. Risk and compliance is huge. KYC, credit risk, all of it is data-rich.”

Top 3 banking use cases

Banking CxOs see customer onboarding automation as the most exciting AI use case (42%), followed by fraud detection (41%) and automation of risk, regulation and compliance requests (41%).

Technology understanding is vital

The top investment priorities for banks in 2024 in order to scale up AI within the business are automation, data and analytics platforms (57-62%), such as Microsoft Fabric or Power Platform.

Just over half (51%) of thought leaders understand generative AI and its governance needs today. One US banker commented: “The operating committee and the board level are not folks who traditionally understand technology. Leadership is excited about the potential of AI, but doesn't necessarily understand what it means to be AI-ready. Many are still struggling with their journey to cloud. Many haven't even completely transitioned to cloud yet, let alone using tech that is cloud-native. (We’re) using applications which still need to be modernized to be cloud-ready, let alone have them feed off of generative AI capability."

AI means better strategy

Banking leaders were asked what is the primary objective of their organization's AI strategy? In terms of AI impact, banks came lowest of all sectors, whether it was efficiency, innovation, empowerment or satisfaction. They also felt the most threatened. 

Banking leaders asked primary objective of AI strategy

Next steps: AI-ready data, modernization and cybersecurity

Clearly banks are carefully targeting the right use cases and ensuring they mitigate risk and comply with regulation. However certain challenges persist: data needs to be AI-ready and managed in a cloud environment, application portfolios and core banking systems need to be modernized, operations need to be cyber-secure and staff need considerable training and development to use new generative AI tools effectively.

Ready or not: generative AI is here

Read the full report now

New global research from Avanade explores the readiness of organizations to introduce, adopt and scale generative AI tools like Microsoft Copilot. 

Our banking industry expertise

Delivering innovative banking experiences for customers and employees by intelligently balancing human and digital interaction.

Avanade's banking industry expertise
Talk to expert

Want to talk to an expert?

Making what matters starts here

Tell us more about your challenge or need and we will connect you to the right Avanade expert to help you.

How can we help?

Press Contacts

North America

Europe and Middle East (EME)

Growth Markets


North America
Global Headquarters
1191 Second Avenue
Suite 100
Seattle, WA 98101

30 Fenchurch Street



Growth Markets
Singapore Headquarters
Avanade Asia Pte Ltd
250 North Bridge Road
#30-03 Raffles City Tower
Singapore 179101