Banks' last chance to become tech companies

Financial institutions are at a crossroads where they must either innovate with AI internally or risk becoming obsolete by outsourcing to tech firms. Many banks claim they want to leverage AI to transform their operations, but most are still opting to buy AI solutions rather than developing their own. This strategy may not be sustainable in the long run as tech companies continue to outpace banks in innovation, leaving traditional banks at risk of losing their competitive edge. The urgency for banks to integrate AI effectively into their core operations is growing, or they could find themselves sidelined by more agile tech competitors.