Tech Mahindra Releases Global Survey on AI-Driven Banking

Tech Mahindra has launched a global survey report titled 'Building the AI-Driven Bank of Tomorrow,' announced in a press release. The study, developed in partnership with East & Partners, examines how artificial intelligence (AI), generative AI (GenAI), and agentic intelligence are reshaping the global banking sector.

The report draws on interviews with 150 senior banking executives across 25 countries, including the Americas, Europe, the Nordics, and Asia-Pacific. It highlights that 81% of banks already have dedicated AI budgets, which are expected to nearly double to 17% of total IT spending by 2028. Additionally, 37% of institutions are investing heavily in GenAI, with European banks leading adoption.

According to the findings, 92% of banks are engaged in legacy system modernization, though only 14% have exceeded expectations. The study also notes that just one in five banks have robust, real-time data governance frameworks, while those adopting Data Mesh and Explainable AI models report stronger compliance and personalization outcomes.

Regional analysis shows that banks in the Americas allocate an average of 12% of IT budgets to AI, followed by Europe at 9%, Asia-Pacific at 7%, and the Nordics at 6%. Globally, 70% of surveyed banks cite customer experience as their top AI use case, ahead of automation and compliance.