Most U.S. banks are increasing their cybersecurity efforts because of emerging technologies such as generative artificial intelligence, and many of those same banks also list AI as a top business investment, according to a recent survey by auditing firm KPMG.
The survey found that 70% of bank executive respondents said their institutions are boosting their cybersecurity efforts due to recent technological developments such as Gen AI. At the same time, 61% were boosting their investments in Gen AI. More than half of respondents said their banks have an active pilot project using AI for financial forecasting or preventing fraud. Only about a third have an active pilot project involving cybersecurity.
Roughly two in five bank executives predicted AI would be able to free up 21%-40% of their employees’ time by the end of 2025, while one in three said that figure is likely closer to 6%-20%.
