Amid today’s volatility, inflation, and rate hikes, select organizations are still thriving. What’s their secret? The top banks and financial services firms in the world are bullish on AI-powered automation. Why? It helps them outperform and out-innovate their peers.

Are these challenges nerve-wracking? Sure. Are they insurmountable? Not if you know how to respond!

But many financial services leaders are behind the curve on addressing these challenges. A recent Accenture study found that only 6% of banking respondents fall into the “future ready” category of operational maturity. This leaves most banks with some serious catching up to do.

What is operational maturity? It means leveraging large amounts of data to make more informed business decisions, empowering employees with AI tools, and putting automation at the center of the operating model.Why is it so crucial for banks to arm themselves with the most modern tech stack? Well, the whole industry is bringing new technologies to the forefront of their strategies. McKinsey predicts that advanced AI, including automation, can unlock $1 trillion of incremental value for the global banking industry each year.

So, what’s next? Those who act quickly to transform their operations will outpace their competition for years to come.