Financial institutions are rapidly transitioning key customer-facing processes to AI agents, fundamentally reshaping customer interactions with banks and insurers. According to the Capgemini Research Institute's World Cloud Report, the top applications for these cloud-native AI agents include customer service for 75% of banks, fraud detection (64%), and loan processing (61%), signaling a major shift towards autonomous, intelligent operations in the sector.
Quick Intel
75% of banks are prioritizing customer service for AI agent deployment.
AI agents could deliver $450 billion in economic value to the sector by 2028.
Only 10% of financial firms have implemented AI agents at scale so far.
80% of firms are currently in the ideation or pilot stage of deployment.
Key benefits cited are real-time decision-making (96%) and improved accuracy (91%).
Top roadblocks are a regulatory compliance burden (96%) and a skills gap (92%).
Widespread Adoption Across Core Functions
The push towards AI agents is evident across both banking and insurance. For insurers, the top processes identified for AI agent deployment are customer service (70%), underwriting (68%), and claims processing (65%). This collective move is redefining the customer experience in financial services, with AI agents taking on complex workflows in customer onboarding, loan processing, and fraud detection to improve speed and precision.
Significant Economic Value and Strategic Investment
The potential of this technology is substantial, with AI agents projected to deliver up to $450 billion in economic value by 2028. To capitalize on this, financial institutions are making significant strategic investments. Nearly two-thirds of executives indicate that up to 40% of their current generative AI budget is allocated to agent technologies, with some expecting to increase this spending by up to 60% by 2028.
Overcoming Roadblocks to Unlock Potential
Despite the optimism, widespread adoption faces significant hurdles. A overwhelming 96% of executives point to the regulatory and compliance burden as a critical roadblock, while 92% cite a looming skills gap. However, firms are also adapting their business models to overcome cost barriers, with a growing number considering a "service-as-a-software" model where they pay for specific outcomes, like resolved fraud cases, rather than for software licenses and infrastructure.
The integration of AI agents marks a new phase of digital transformation in financial services. As noted by Ravi Khokhar, Global Head of Cloud for Financial Services at Capgemini, this "agentic era" requires a long-term vision. Success will depend on the industry's ability to navigate complex regulations, bridge the skills gap, and effectively orchestrate humans and AI working together to unlock this transformative potential.
About Capgemini
Capgemini is an AI-powered global business and technology transformation partner, delivering tangible business value. We imagine the future of organizations and make it real with AI, technology and people. With our strong heritage of nearly 60 years, we are a responsible and diverse group of 420,000 team members in more than 50 countries. We deliver end-to-end services and solutions with our deep industry expertise and strong partner ecosystem, leveraging our capabilities across strategy, technology, design, engineering and business operations. The Group reported 2024 global revenues of €22.1 billion.
About the Capgemini Research Institute
The Capgemini Research Institute is Capgemini’s in-house think-tank on all things digital and their impact across industries. It is the publisher of Capgemini’s flagship World Report Series, which has been running for over 28 years, with dedicated thought leadership on Financial Services focusing on digitalization, innovation, technology and business trends that affect banks, wealth management firms, and insurers across the globe.
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