Accenture: Nearly All APAC Banks Not Ready to Scale AI
Artificial intelligence is anticipated to have a revolutionary impact on all industries, including banking. However, almost all players within Asia remain unready to leverage the capabilities at scale, according to a report by Accenture.
Only 10 percent of Asia Pacific banks are ready to scale the usage of artificial intelligence (AI), according to a research report by business management consultancy Accenture.
The report identified 10 capabilities, looking at data readiness, talent readiness, responsible AI readiness and LLM operations maturity. Based on such capabilites, the report then classified respondents into four categories of AI-readiness: experimenting with AI, progressing with AI, fast-followers and front-runners. The latter two categories were considered AI-ready.
The report said that the 10 percent of banks leading in AI adoption are ahead of their peers on the data maturity curve, with more advanced foundation models and some scaling the use of AI agents in specific processes. They also tend to be more people-centric and have implemented change management as well as learning and development initiatives across all levels.
«Strategic Bets»
Currently, the five banking processes in APAC that are seeing the highest long-term investment, or what the report calls «strategic bets», are fraud management; cards and payments; investment management and advisory; know-your-customer (KYC); and application processing and fulfilment.
The remaining processes also identified as strategic bets include credit assessment; IT engineering; lead origination, nurturing and qualification; document and knowledge management; and digital content management.
«AI is already helping banks realize pockets of value, but as our research shows, there’s a lot more they can do,» said Nicole Bodack, managing director and lead, banking & capital markets, APAC at Accenture.
Returns From Adoption
For those that effectively scale generative AI, Accenture estimates benefits including a 30 percent improvement in productivity, a 600 basis point rise in revenue growth and a 300 basis point increase in return on equity over a three-year period.
«When it comes to AI, it isn’t about whether and when to invest anymore. Banks need to focus on how and where to invest. In a capital-constrained environment, accelerating investments is about making strategic bets in areas that make the greatest impact,» commented Vivek Luthra, senior managing director and lead, data & AI, APAC.
The report was based on a survey of 2,000 C-suite and data science executives who lead 1,988 companies with a revenue greater than $1 billion, headquartered in 15 countries and 10 industries, including banking. Within the APAC region, this includes 93 banks.
