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The financial sector's spending on artificial intelligence (AI) is projected to experience substantial growth, with an estimated increase from billion U.S. dollars in 2025 to over *** billion U.S. dollars in 2028. This represents a compound annual growth rate (CAGR) of ** percent, indicating a significant upward trajectory in AI investment within the financial industry. Within the financial services industry, the banking sector accumulates the largest share of AI spending, with roughly ** billion U.S. dollars spent in 2025.

What are the benefits of AI in financial services?

In 2025, financial institutions most often cited efficiency and productivity gains as AI’s primary business benefits. Overall, ** percent of respondents reported operational efficiencies, while ** percent saw improved employee productivity and ** percent pointed to better customer experience. Priorities differed by segment: fintech firms most frequently highlighted productivity gains, consumer finance emphasized customer experience improvements, and in capital markets, efficiency and productivity were equally prominent, with less focus on customer-facing gains.

Main AI challenges in banking

Despite growing investment and expected gains, banks in 2025 continued to face significant AI-related challenges. Ethical concerns (including bias, fairness, and responsible use) were cited most frequently and highlighted by a majority of institutions. Close behind were issues around data readiness, reflecting gaps in data quality and infrastructure, as well as the lack of clear regulatory frameworks, which added uncertainty to large-scale deployment.