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On September 21, S&P Global Ratings released a report on Monday stating that in the coming years, banks' adoption of AI will have an increasingly significant impact on their credit ratings. According to a survey conducted by S&P in June involving approximately 179 financial institutions globally, these institutions expect AI-related costs to decrease by up to 4% this year, with the reduction expanding to 6% to 8% by 2028. Currently, around 84% of the surveyed institutions have already applied AI to support functions and automated processes. However, due to regulatory and reputational risks, less than one-third of them are using AI to develop new products and services. S&P believes that the success or failure of banks in AI applications will depend on the maturity of their AI strategies and the robustness of their governance frameworks.
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