Most banks have taken initial steps in preparing for artificial intelligence, including educating employees about AI-enabled fraud, according to the new bank technology survey by Bank Director. The survey also found that many bank executives and board members are somewhat worried about the effects of stablecoins and cryptocurrencies on their institutions.
The Bank Director survey found that banks budgeted a median of $2.5 million on technology in fiscal year 2025, with nearly three in four respondents saying they had increased their technology budgets from the previous fiscal year. Two in three respondents said their leadership had discussed budgeting for AI. Slightly more than half of bank respondents said their institutions are not currently using generative AI, although 66% have drafted AI usage polices and roughly the same amount have been experimenting with the technology. Fifty-three percent said they are educating bank employees about AI-enabled fraud.
Respondents were also polled on their level of concern about the effects of stablecoins and cryptocurrencies on their institutions. Only 5% said they were “very” concerned, and 19% said they were moderately concerned. Fifty-two percent said they were “slightly” concerned. The remainder were not concerned at all. Still, when asked about competitive threats, only 8% of respondents listed stablecoins and crypto as a top threat. The biggest threats were other local banks and credit unions, large and superregional banks, and financial technology firms that offer a range of products, such as PayPal.
