Why 70% of banks don’t report the outcomes of Gen AI deployments
- Major banks like Bank of America, Citizens, and JPMorgan are actively deploying Gen AI tools for employee productivity, but nearly 70% of AI use cases don't have any reported outcomes or measurable ROI.
- The lack of results stems from difficulty separating Gen AI progress from overall growth, challenges in mapping cost impacts from internal efficiency gains, and an inability to translate the AI hype into consumer and societal impact.
For most of 2023 and 2024, banks in America had a “no comment” philosophy on Gen AI. But over the past year, things have changed.
Banks like Bank of America, Citizens, and JPMC are announcing how Gen AI is being deployed in internal use cases to fuel employee productivity. In fact, BofA is leading the way in making the tool available to all its employees, according to research.
The senior executive outlook on the technology is positive as well: Katie Hainsey, Managing Director and Head of AI/ML and Data & Analytics for Digital, Marketing, and Operations at JPMorgan Chase shared that the tech is already being deployed in the firm in key areas: for call center employees, an LLM Suite for all employees, and coding tools for tech teams. Similarly, Bank of America’s CTO Hari Gopalkrishnan hinted that the tech is likely to become a part of its customer-facing chatbot: “As we look at the emergence of Generative AI, we actually see that classification can actually get a lot better. You can actually talk even more naturally in a natural language. So that is just a natural sort of expansion of where we go with Erica. ” But what’s the ROI and long-term impact, I ask? The answer is… it’s complicated.
Research shows that nearly 70% of AI use cases don’t have any reported outcomes. Simply put, banks are marketing the number of use cases they have under production and R&D but not what impact those deployments are yielding.
Research suggests there are at least four reasons for the lack of information around ROI:
