S&P: AI Applications Will Impact Bank Credit Ratings

S&P Global Ratings has released a report stating that in the coming years, banks' application of artificial intelligence (AI) will affect their credit ratings. A survey conducted by S&P in June of approximately 179 financial institutions revealed that these institutions expect AI-related costs to decrease by up to 4% this year, with reductions expected to expand to 6% to 8% by 2028. Currently, about 84% of the surveyed institutions have utilized AI for supportive functions and automated processes, but due to regulatory and reputational risks, less than one-third of the institutions reported using AI to develop new products and services. S&P pointed out 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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