AWS and Qorus Research

The AI imperative: the future of frictionless banking

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The AI imperative: navigating data and AI for ESG success

Many financial institutions are increasingly integrating Environmental, Social, and Governance (ESG) criteria into their operations and investment strategies. According to recent analyses, a significant portion of banks face challenges in effectively implementing ESG practices, with estimates suggesting that nearly 70% of financial institutions struggle to align their business models with evolving sustainability standards. The global shift towards responsible banking is underscored by the need for transparency and accountability, as the total capital needed to finance sustainable projects is projected to reach approximately $6 trillion annually. This growing focus on ESG not only reflects a response to regulatory pressures but also highlights the demand from investors and consumers for ethical and sustainable banking solutions where AI/ML and generative AI will play important role.

In this report, we build on the research we conducted last year with Qorus, with a focus on ESG Banking. We explore how AI technologies are transforming the industry and how it will influence ESG banking strategy by driving new efficiencies in reporting, fostering innovation on products and create more personalized experience for the banking customers just to name a few example. Additionally, we share perspectives from banking leaders in how they’ve approached it within their organizations, the challenges they’ve faced, and the future they envisage by leveraging AI/ML and generative AI.

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