AI benchmarking platform Evident has today launched its latest AI Use Case Tracker for banks and found that four institutions lead the way in this growing field. And the fact that major banks are using AI more matters to lawyers, as this changes client expectations.
The Tracker found that Goldman Sachs – historically quieter on AI disclosures – has revealed three new AI use cases since November, including Legend AI Query, an AI tool to help Goldman employees search for information, the research company said.
This means the Wall Street titan joins JP Morgan Chase, CommBank, and ANZ, (these latter two from Australia), as industry frontrunners, between them driving 35% of all documented banking AI use cases, they added.
To date, Evident has tracked 167 AI use cases disclosed by 50 of the world’s largest banks across UK, Europe, North America and APAC, showing a clear shift. ‘AI is no longer just an experiment – it is becoming more sophisticated, measurable, and embedded in core banking operations,’ they concluded.
They also found that efficiency is no longer the sole driver of AI investment, with banks increasingly also prioritising risk reduction (20%), customer satisfaction (15%) and income uplift (15%).
Alexandra Mousavizadeh, Co-founder and Co-CEO of Evident, said: ‘Banks can no longer just claim AI adoption – they must prove real impact. Measuring returns on AI investments remains a top priority for banks as they justify hundreds of millions of dollars in AI spending. Our Use Case Tracker brings transparency to this shift, showing how AI is moving from experimentation to delivering tangible value.’
Other insights include:
- ‘Retail & personal banking represents 30% of all banking AI use cases, remaining the most AI-driven category largely thanks to the prevalence of quick wins like chatbots. BBVA is the latest bank to have leveled up their chatbots with generative AI, allowing customers to complete more complex tasks – e.g. cancelling a card – conversationally.
- IT & security is the second-largest category for AI investment at 14%, while investment banking ranks third at 10%, showing the big banks’ continued interest in AI expansion beyond customer-facing functions.
- Audit, HR, and operations combined make up 5% of all bank AI use cases. While still emerging – this demonstrates that AI is gradually being applied in wider business functions beyond traditional front-office deployments.’
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You may be saying, ‘OK, so what? How does this impact me and my law firm?’ Well, if your clients are really getting used to using AI – and let’s face it, the major investment and retail banks are key clients for a lot of top law firms – then that changes market perceptions.
It also perhaps generates some work for law firms on the regulatory and compliance side – but that’s really not the main issue here.
There is clearly a growing level of uptake of AI among large enterprises, this then trickles down into how their inhouse teams think, which then influences how they approach working with law firms and ALSPs. It’s a deeply connected ecosystem
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