85% of Financial Firms are Increasing Their AI Budget in the Next 12 Months
- Financial institutions lead enterprise AI adoption, including fraud.
- Banks need AI across all check and payment channels.
- OrboGraph AI turns payment images into high‑fidelity fraud signals.
While artificial intelligence has been around for decades, it's only in the past 5-10 years that we've seen a major boon for AI. Now, particularly for financial institutions, it seems that every day we see news about FIs of all sizes announcing new deployments of AI for everything from customer service to fraud detection. And, it appears that this trend will be increasing over the next 12 months.
According newly published "The Enterprise AI Benchmark Report" from PYMNTS.com, 85% of survey financial firms are planning to increase their AI spend in the next 12 months.
Data: A Clear Hurdle for Financial Institutions
It would be easy to believe that with its capabilities, AI adoption would be spread across all departments and functions within a financial institution. However, this is not the case.
PYMNTS notes that financial institutions have reached high AI adoption in far more tasks than healthcare or media, with the most mature use cases clustered in structured, auditable finance functions like revenue recognition, credit risk assessment, and sales forecasting. These are domains where data is standardized, outcomes are clearly defined, and models can be validated against historical performance.
This makes it one thing clear: Data is the key component.
Financial institutions sit on a wealth of data. However, much of this data is siloed because it's created by various systems -- with many being created by legacy systems. This makes it laborious and difficult to operationalize the data to be used across the organization. In fact, the report notes that three in ten financial services leaders cite data quality and fragmentation as the biggest barrier to scaling AI further.
Intelligent Banking: Modernize, Connect, Activate
While technologies like OrboGraph's OrbNet AI and OrbNet Forensic AI have automated check payments and fraud detection, many banks are now able to leverage this data across all departments through Intelligent Banking.
Intelligent Banking applies advanced technologies and AI to activate data banks that credit unions have been collecting for years—creating smarter decisions, more personal experiences, and the ability to serve consumers in ways that simply weren’t possible before.
As financial institutions modernize their legacy systems, they are able to integrate and connect all these systems to communicate seamlessly with free flowing data to deliver actionable insights.