FIs must reconfigure platforms to be AI-discoverable

§ 01 Executive Snapshot

• What: Financial institutions must adapt their platforms to be discoverable by AI tools.
• Who: Financial institutions and PwC.
• Why it matters: As consumer reliance on AI for financial product searches increases, institutions risk falling behind if they do not adapt.

§ 02 Key Developments

• A recent PwC report indicates that 50% of consumers have used an AI tool in their financial product search process.
• 67% of consumers expect to use AI to inform their next lending decision, according to Peter Pollini, PwC’s U.S. financial services industry leader.
• Financial platforms were originally designed in a pre-AI era, necessitating significant reconfiguration to enhance AI discoverability.

§ 03 Strategic Context

• The evolution of AI tools in consumer behavior highlights a significant shift in how consumers engage with financial products and services.
• This trend reflects broader market dynamics where technology increasingly influences consumer decision-making processes in finance.

§ 04 Strategic Implications

• Institutions that fail to reconfigure their platforms may lose competitive advantage as AI becomes a primary tool for consumers in financial decision-making.
• Long-term implications include the need for ongoing investment in technology to keep pace with advancements in AI and changing consumer expectations.

§ 05 Risks & Constraints

• Potential regulatory challenges could arise as institutions adapt their platforms to comply with new standards regarding AI usage in finance.
• Competition from fintech companies that are already leveraging AI effectively could put traditional financial institutions at a disadvantage.

§ 06 Watchlist / Forward Signals

• Watch for upcoming updates from PwC and other consulting firms regarding consumer behavior trends related to AI in finance.
• Future developments in AI technology and its integration into financial services will signal how institutions need to adapt their platforms.