Asia-Pacific banks struggling to keep up with rapid Al dev't

BANKS in the Asia-Pacific (APAC) region are struggling to maximize the benefits of artificial intelligence (AI) technologies amid rapid digitalization and the lack of expertise and appropriate infrastructure, Accenture said.

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Majority of global banking executives feel they are not prepared to keep up with technological developments, Accenture APAC Financial Services Senior Managing Director and Lead Masashi Nakano said in a webinar on Tuesday.

"According to our latest CXO (chief experience officer) survey, over 90% of global banking executives feel that the pace of change has accelerated over the past six months, and they expect it to accelerate even further in the next six months. However, only 40% feel prepared for this change," he said.

Accenture Managing Director and APAC Banking and Capital Markets Lead Nicole Bodack said only 10% of surveyed companies have identified specific use cases for AI technologies.

"The 10% leading in AI adoption have validated specific AI use cases. And most importantly, they have scaled their strategic bets that are most relevant to the industry," she said.