Artificial intelligence in the Italian Banking Sector
In the digital age, the role of artificial intelligence (AI) in the banking sector is becoming increasingly important. Among the top five Italian banks by deposits, Intesa Sanpaolo leads the way for the most frequent and sophisticated use of AI, followed by UniCredit, Banco BPM, BPER Banca, and MPS. This trend emerges from research conducted by Excellence Consulting and Dataskills, which analyzed approximately 10,000 articles published between July 2020 and June 2023 in Italian business and general interest journals.
The report shows that Italian banks are leveraging AI in various areas, from optimizing the customer experience to innovating products and services, up to improving governance and risk management.
AI and the Evolution of the Banking Service Model
The research highlights that artificial intelligence is crucial to the evolution of the banking service model. Specifically, Intesa Sanpaolo uses AI in a wide range of applications, from improving customer experience to optimizing marketing strategies. UniCredit and Banco BPM are close, applying AI solutions in three of the four areas studied in the research, although UniCredit is only active in two in Italy. In contrast, BPER Banca has begun applying AI in only one area, while MPS has not yet incorporated AI into its business plan.
European Regulation and the Future of AI in the Banking Sector
With the approval of the proposed regulation on AI (AI Act) by the EU Parliamentary Committee in May 2023 and the European Parliament's vote in June, the regulatory framework is becoming clearer. The AI Act will be published in the European Journal in December 2023 and represents a fundamental step towards standardizing and regulating the use of AI, which banks will also have to comply with.
Artificial Intelligence as a Macrotrend in the Financial World
Maurizio Primanni, CEO of Excellence Consulting, notes that artificial intelligence is becoming a major trend in the financial world, similar to digital transformation and, more recently, the ESG transition. Keywords associated with AI in general are "research," "development," and "technology." When discussing AI in the banking sector, terms like "digital," "growth," and "services" also emerge, suggesting banks are embracing AI as a tool to boost growth and develop new services.
Towards a Smarter Banking Future
In conclusion, while some banks, like Intesa Sanpaolo, are already leveraging AI in innovative ways, others are still catching up. According to Primanni, it is essential for banks to address critical success factors organically and comprehensively, ranging from corporate culture to governance, from data management expertise to compliance. With the imminent introduction of the AI Act, banks have the opportunity to prepare for a future in which artificial intelligence will play an increasingly central role.
The Italian banking sector is therefore undergoing a period of profound transformation, driven by technological innovation and the adoption of artificial intelligence. As always, the banks that best capitalize on these opportunities will emerge as leaders in the new financial landscape.
