The AI Readiness Gap in Banking

I use ChatGPT, Claude, and other AI tools every day for my job duties. I read product updates from Anthropic, OpenAI, and Google proclaiming the latest model release that will revolutionize professional workplaces every week. And I know that our largest financial institutions have departments of data scientists, engineers, and AI leaders that have moved well past chatbots and are implementing generative AI tools and prescriptive analytics to their frontline staff in an arms race to win more banking customers.

But at our most recent Executive Data & Innovation Summit, we asked the bankers in the room (~35) a straightforward question: Is your bank ready to experiment with AI in a meaningful way? Despite all the personal experimentation and industry momentum, most institutions remain cautious. “We’re looking into it.”

That caution is wise from multiple perspectives. The perspective I want to highlight relates to your data and the journey needed to support your business’s transformation into an AI-first world (whether that is in 6 months or 5 years).

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