Banks are accelerating artificial intelligence adoption under pressure from regulators and clients, but the technology's payoff hinges on implementation, an Amazon Web Services (AWS) executive said. The push comes as financial giants like Standard Chartered and HSBC announce plans to replace thousands of jobs with AI.
Over recent months, multinational banks have asked AWS about ways to grow their business, said Shaown Nandi, vice-president of technology at the cloud computing company, in an interview with the South China Morning Post. "All of these companies think about how AI can help them achieve outcomes for their end customers more quickly … and they want to do it within their existing budget," he said.
Regulatory and client pressure mounts
Nandi predicted that both regulators and clients will drive banks toward AI for efficiency gains. The trend could intensify the global race to adopt the technology. However, he noted that success depends on how well organizations integrate AI into their services.
Though AI has already triggered mass layoffs in finance, industry surveys show overall integration remains low. Banks are now seeking leaders to oversee AI strategy, aiming to close the gap between ambition and execution.
Jobs replaced, but integration lags
Standard Chartered and HSBC recently disclosed plans to cut thousands of jobs as AI automates tasks. These moves signal a workforce shift, yet many institutions still struggle to deploy AI beyond pilot projects.
Nandi said financial services providers want to deliver financial information to customers faster, but they are constrained by budgets. The challenge is to scale AI without ballooning costs.
Why this matters for finance professionals
For finance professionals, the message is clear: AI is reshaping roles, not just eliminating them. Understanding how AI gets implemented-not just its potential-will separate those who thrive from those who are displaced. The hiring of AI leadership signals a growing need for people who can bridge technology and business strategy. Staying current with AI for Finance and AI for Executives & Strategy can help professionals keep pace with this shift.
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