Visa: AI will transform Europe’s retail banking by 2030 — Cyprus Mail
The Cypriot publication Cyprus Mail reported on a Visa study according to which artificial intelligence will significantly transform the retail banking sector in Europe by 2030. According to the results of a Visa Consulting and Analytics survey, 86% of European bank executives believe that AI will transform the sector by 2030, while 61% expect banks that adopt the technology first to dominate their markets.
The study is based on responses from 325 senior banking executives across 17 European markets. More than 90% of European banks already use certain artificial intelligence tools in core business functions.
Goals of AI investment
According to Visa, 48% of banks primarily direct AI investments toward operational efficiency or employee productivity. Only 30% named improving customer experience or fraud prevention as the main driver for using the technology.
Organizations that use AI in high-volume real-time environments, including for decision-making, fraud detection and personalized services, are 40% more likely to achieve transformational results. At the same time, the use of AI in areas such as product development or lending has a more limited effect that reaches a growth ceiling more quickly.
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Banks’ approaches to the technology
Researchers identified four groups of banks: 48% are efficiency-oriented institutions, 30% focus on customer outcomes, 15% invest in response to competitive pressure, and 7% primarily seek to meet regulatory requirements.
Banks focused on customer trust are more common among digital banks and more often report growth in it due to faster fraud detection and personalized services. At such institutions, 42% of employees save two or more hours per week, compared with 28% among banks focused on efficiency.
Visa Cyprus head Michael Ioannides said that future progress will depend on how deeply AI is integrated into banks’ operations. Claudio Di Nella, head of Visa Consulting and Analytics at Visa Europe, noted that the advantage goes to institutions that embed AI in workflows, scale it across functions and assess results using clear metrics.
