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Despite having been in development for some time, it seems as if AI’s moment has arrived. The European banking sector has widely embraced the new technology. According to the European Banking Authority (EBA), 83.3% of European banks currently use artificial intelligence for a range of purposes. That incidence has been rising consistently since 2018. Indeed, the EBA estimates that by 2025, all European banks will have implemented solutions powered by AI. Artificial intelligence is already being used in a myriad of ways. For now, its use is concentrated in the development of solutions that improve the user experience, facilitate performance of the banks’ compliance obligations and enable more efficient management of banking risks. Following the success of ChatGPT, the banks are moving to transform their virtual assistants into intelligent digital assistants capable of providing personalised service in real time to their customers, as well as their employees. Going forward, the banks will have to continue to invest in AI to ensure its usage translates into lasting competitive advantages.

Carbó, S., P. J. Cuadros y F. Rodríguez (2023). «AI and the banking sector: Initial considerations». SEFO – Spanish Economic and Financial Outlook 12, n.º 4: 33-38.