AI reshapes banking with Goldman Sachs leading adoption

Evident's AI benchmarking and intelligence platform has introduced its AI Use Case Tracker, which highlights the extensive application of AI across the banking sector, with a significant concentration of applications managed by Goldman Sachs, JPMorgan Chase, CommBank, and ANZ.

The AI Use Case Tracker has identified 167 instances of AI deployment across the 50 largest banks globally, including regions such as the UK, Europe, North America, and APAC. This data indicates a significant transition in how AI is perceived within the banking industry: It has shifted from experimental phases to becoming a crucial component of core banking operations.

Alexandra Mousavizadeh, Co-founder and Co-CEO of Evident, said, "Banks can no longer just claim AI adoption - they must prove real impact. Measuring returns on AI investments remains a top priority for banks as they justify hundreds of millions of dollars in AI spending. Our Use Case Tracker brings transparency to this shift, showing how AI moves from experimentation to delivering tangible value."

The tracker highlights that only half of the AI cases are now driven by efficiency improvements, a significant drop from previous reports of 90%. Current priorities have shifted, with banks now placing importance on risk reduction (20%), customer satisfaction (15%), and income uplift (15%) as significant drivers for AI implementation.

Recent disclosures from Goldman Sachs showcase three new AI applications, including the introduction of Legend AI Query, an AI tool designed to assist employees in accessing information efficiently. Such developments position Goldman Sachs alongside JPMorgan Chase, CommBank, and ANZ as key players spearheading AI deployment in banking.

Evident's research data shows how AI is being integrated across numerous sectors within banking, though on varying scales. Retail and personal banking account for 30% of AI-related initiatives due to the popularity of quick applications like chatbots. Integrating generative AI by banks such as BBVA further enhances the customer experience by enabling chatbot-led completion of more complex tasks.

IT and security receive the second-highest focus of AI investments, making up 14% of AI applications, followed by investment banking at 10%. These figures indicate a strategic advancement by major banks to incorporate AI into areas beyond customer service, expanding into other critical operational areas.

Other business functions such as audit, human resources, and operations constitute 5% of the AI use cases. This suggests an ongoing evolution as AI permeates broader functions beyond the traditional front-office roles.

"Transparency around the AI progress being made signals confidence in its impact, and as more banks begin sharing their approaches and demonstrating where they're seeing value, staying silent may soon become a bigger risk," Mousavizadeh concluded.