The banking sector dominated global AI investment in 2023, channeling over $20.6 billion into artificial intelligence projects.
Worldwide AI spending reached $154 billion, with financial institutions accounting for the largest share and banks completing more than 92 new investments in AI startups.
BNP Paribas formed a multi-year partnership with Mistral AI, and Capital One topped the AI readiness index with a score of 90.91, ahead of JPMorgan Chase and the Royal Bank of Canada.
Generative AI could add $170 billion to bank revenues by 2028, with some estimates as high as $340 billion.
Bank AI investment is projected to rise to $45 billion in 2024 and approach $100 billion by 2027, representing a 29% compound annual growth rate.