The Power of AI: AI To Drive Innovation, Personalization and Revenue

Open banking is transforming how banks operate, by enabling the seamless and secure transfer of financial data between banks, financial institutions, fintech and other third-party providers. And most banks recognize that open banking is more than providing access to data-it's powering innovation, creating better experiences for customers and, ultimately, driving revenue.

But while banks are clear on its benefits, 75% say they aren't yet ready for open banking.

Between growing consumer expectations for hyper-personalization and new and emerging open banking regulations, like the CFPB's Personal Financial Data Rights soon-to-be-finalized rule, banks are feeling the pressure to prepare. And, according to Sopra Steria and Sopra Banking Software (SBS)'s Digital Banking Experience (DBX) Report, they're leaning into AI to fill the gaps.

For our third annual DBX Report, we spoke to more than 850 senior decision makers at global banks and over 11,000 global bank customers to uncover the driving forces behind banks' AI ambitions.

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As banks look to deploy generative AI across the enterprise, here are three areas where we'll see the most significant impact:

Empower new collaborations between banks and fintechs.
The move towards open banking means the entire financial ecosystem has access to more data-but data is only as valuable as the insights it provides and the actions it powers. The data sharing capabilities created by open banking makes it easier for banks and financial institutions to collaborate with fintechs and create new financial products and experiences for customers based on data.