Live Updates > Live Update Details
2026-09-22 00:40:11
[Standard & Poor's: Banks' Use of AI Will Soon Affect Their Credit Ratings] S&P Global Ratings said in a report on Monday that banks' use of artificial intelligence (AI) will increasingly influence their credit ratings in the coming years. The credit rating agency stated that whether banks ultimately benefit or suffer will depend on the maturity of their AI strategies and the robustness of their governance frameworks. S&P stated, "There are differences among banks in the speed of AI adoption, governance maturity, and operational readiness, meaning that in the coming years, AI will increasingly become a factor that strengthens or weakens the creditworthiness of financial institutions." S&P surveyed 179 financial institutions globally in June. Respondents expect AI to help reduce costs by up to 4% this year, expanding to 6%-8% by 2028. Approximately 84% of institutions said they are currently using AI to support business functions and automation. Due to regulatory and reputational risks, less than a third of institutions said they are using AI to develop new products and services.
