Bank FOMO fueling AI spending, Accenture exec says

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    "url": "https://www.bankingdive.com/news/bank-fomo-fueling-ai-spending-roi-revenue-expense-accenture-mike-abbott/829921/",
    "title": "Bank FOMO fueling AI spending, Accenture exec says",
    "author": "Caitlin Mullen",
    "excerpt": "Most banks have yet to see widespread, sustained value from AI initiatives, because they “have not figured out how to reconfigure the work, fully, around AI yet,” said Accenture’s Mike Abbott. Banks’ “fear of missing out” around artificial intelligence is fueling related spending in the sector. That’s one of the implications from recent findings from global consulting firm Accenture , which discovered bank leaders continue spending more on AI because they see it as essential to remaining competitive. Banks’ AI spending last year exceeded $40 billion, by one estimate , and companies across industries are grappling with sticker shock tied to the use of AI tools. Yet returns on those investments aren’t quite there. “There’s a high level of confidence they’re going to get something out of it, but it hasn't exactly been measurable just yet,” Mike Abbott, Accenture’s global banking lead, said in a recent interview. Banks are still more focused on expense benefits than revenue generation opportunities surrounding generative AI uses, and are finding value weaving it into scaled, repeatable processes, including call center operations; underwriting processes; marketing and content generation; and regulatory reporting automation, Abbott said. But only 20% of bank leaders said they’re seeing widespread, sustained value from AI initiatives, Accenture said, pointing to scale challenges...",
    "product": "Banking AI Survey",
    "summary": "Accenture, a global consulting firm, published findings from a survey of 322 banking C-suite executives across 20 countries regarding AI spending and value realization.",
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    "published_at": "2026-09-10T10:52:00Z",
    "article_sentence": "That’s one of the implications from recent findings from global consulting firm Accenture , which discovered bank leaders continue spending more on AI because they see it as essential to remaining competitive."
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