How Banks Are Catching Up to Tech Trends
The Shift to Agentic AI
For years, banks lagged behind other industries, especially retail, when it came to adopting new technology. But now, with the help of agentic AI, banks are keeping pace with the latest innovations.
A Huge Change
Just a few years ago, banks were slow to adopt new tech. But now, they're making big changes fast.
- UK: Almost 90% of customer interactions happen online.
- US: Banks are close behind, despite covering a much larger area.
The Pandemic's Impact
The COVID-19 pandemic sped up this change. Banks had to solve problems quickly, and this urgency has stuck around. Now, banks are solving problems in days that used to take much longer.
Agentic AI's Role
Agentic AI is a big part of this change. It's helping banks speed up processes like loan approvals. These systems are targeting the slow parts of banking, like manual tasks and old systems.
The Problem of Old Systems
Many banks spend most of their tech budget just keeping these old systems running. This leaves less money for new, innovative projects.
Semantic Knowledge Graphs
The good news is that banks are starting to use semantic knowledge graphs. These graphs can help agentic systems understand and automate complex processes. This could help banks modernize much faster.
Regional Differences
- UK: The banking industry is more centralized, so changes happen faster.
- US: There are multiple centers of power, so changes happen in bursts.
The Pressure to Modernize
Both regions are feeling the same pressure: to modernize, reduce friction, and deliver instant digital experiences. Agentic AI is helping them do just that. It's no longer just a theory. It's becoming the new standard for banks that want to stay competitive.
