Regional disparities further underscore this issue. Credit: PopTika via Shutterstock.

New research from Capgemini reveals 80% of retail bank executives believe that generative artificial intelligence (AI) represents a significant leap in advancing AI technology

But only 6% of retail banks are ready with a roadmap and key performance indicators for enterprise-wide AI-driven transformation at scale. This involves the strategic application of advanced technologies such as AI, machine learning and generative (gen) AI to drive innovation and efficiencies.

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Productivity and efficiency dominated the priority list of the 250 banking leaders surveyed. As a result of macroeconomic uncertainty, many retail banks are being forced to make strategic decisions to navigate challenges to their existing business models.

Globally, only 4% of them achieved a high score on business commitment and technology capabilities, while 41% scored average, indicating a widespread lack of readiness to embrace and effectively implement intelligent transformation.

Regional disparities further underscore this issue. In North America, 27% of banks displayed low readiness, followed by Europe with 31%. Asia-Pacific (APAC) lagged significantly with 48% of banks scoring low.

Focusing on intelligent solutions embedded with AI-driven capabilities will allow retail banks to navigate ongoing structural challenges, ultimately ensuring sustainable growth.

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Capgemini global industry head of retail banking and wealth management Nilesh Vaidya explained: “Generative AI can have a lighthouse effect when used responsibly and wisely across operations. Success will come down to developing a roadmap that balances hype with a pragmatic, traceable and measurable approach.”