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Cashing in: Study shows banks investing big in GenAI, and it’s paying off

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2 years ago

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Banking tops other industries in adopting the technology for marketing, risk management, customer service and more

CARY, N.C., Oct. 28, 2024 /PRNewswire/ — A new report on the use of generative AI in banking finds that financial services leads other industries in implementing the technology. A recent survey found that 17% of banking leaders have fully integrated GenAI into their regular processes. Further, 3 in 5 currently use GenAI to some degree – and nearly all the rest plan to begin soon. Obstacles remain, led by data privacy and security concerns. But the study confirmed that banks are already realizing GenAI gains across the business.

How does banking stack up to other sectors in the use and adoption of GenAI? Dive in at SAS.com/genai-banking.

The report, Your journey to a GenAI future: A strategic path to success in banking, is based on findings from a global, cross-industry survey by data and AI leader SAS and Coleman Parkes Research. Among 1,600 business leaders surveyed in 20 countries, 243 were senior banking execs who are decision makers on their organization’s GenAI strategy. Their insights offer an insider’s look at how banks are implementing GenAI, their biggest challenges, and how banking compares to industries like insurance, the public sector, health care, manufacturing, retail and more.

“GenAI is obviously a major trend across sectors right now, but maybe most significantly in financial services,” said Alex Kwiatkowski, Director of Global Financial Services at SAS. “Our survey found that banks, along with insurers, are currently using GenAI at higher rates than other industries. Among the many benefits early adopters are seeing, one of the most oft-cited by banking leaders is in risk management and compliance, where nearly nine in 10 reported improvements after deploying GenAI.”

Banks are all in on AI, with the budgets to prove it
The interest rates on savings accounts and loan applications may be ticking downward, but banks’ interest in generative AI is as high as ever. In fact, it’s nearly unanimous, with 98% of banking respondents either already using GenAI (60%, tied with insurance for the highest adoption rate) or planning to do so within the next two years (38%). And it’s not just talk: 90% said they have a dedicated GenAI budget for the coming year.

Beyond the 17% of banking leaders who reported fully implementing GenAI into their business processes, another 43% indicated they are experimenting with the technology at the enterprise level. Six in 10 said they have deployed at least one GenAI use case to date – the highest of any industry.

Banks are also using GenAI across departments and business functions. Compared with cross-industry averages, banks use GenAI at a higher rate in marketing (47%), IT (39%), sales (36%), finance (35%) and customer service (24%).

“GenAI technology is a double-edged sword for banks, as it has been weaponized by criminals to commit fraud faster than banks can adopt GenAI to protect their customers,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “But better anti-fraud safeguards are just one of many potential advantages awaiting firms that take the GenAI leap. In fact, leaders on the first wave of GenAI implementation are seeing early returns on their investments in many areas of the bank.”

GenAI is already paying dividends in banking
The benefits from GenAI in banking aren’t just aspirational; they’re already happening, particularly in banks’ internal processes. Among bank leaders that have integrated GenAI, huge majorities are seeing gains in:

Employee experience and satisfaction (90%).Risk management and compliance (88%).Time savings and reduced operational costs (85%).

In addition, more than three-quarters reported improvements in customer satisfaction and retention (82%); efficiency in processing large data sets (78%); and sales or market share from data-driven insights (76%).

Marketing emerged as the most common area for banks to use GenAI, cited by 47% of banking leaders polled. A related SAS study, based on a separate survey of marketing professionals, found that banking marketers most frequently use GenAI for customer interactions (44%) and generating written copy (33%). They also plan to expand its use within the next year to audience targeting (64%) and trend analysis (64%).

Banking, like other industries, faces obstacles to GenAI success
Like many investments, GenAI does involve a degree of risk and uncertainty. Banking leaders’ foremost concerns involve protecting the privacy (74%) and security (71%) of their – and their customers’ – data. One potential solution? Synthetic data. Nearly one-third (29%) is already using this form of GenAI, and another 33% said they are actively considering it.

Implementation challenges are another obstacle facing the banking industry. Over half (54%) said that using public and proprietary data sets has been, or likely will be, an obstacle to implementing GenAI. And nearly as many (49%) said they are experiencing challenges moving GenAI from conceptual to practical.

Finally, banking leaders also worry about GenAI governance and regulation. Only 6% of those surveyed said their current governance framework is “well-established.” Most (58%) indicated that their frameworks are “in development” – but more than a third viewed theirs as either “ad hoc or informal” (27%) or “non-existent” (9%). The biggest hurdles to implementing effective governance and monitoring? Almost one-third (30%) cited technological limitations. Another 30% pointed to lack of transparency and accountability, a number that’s slightly higher than other industries.

“GenAI is changing the world of banking in ways that were previously unimaginable – and at astonishing speed,” said Kwiatkowski. “There is no shortcutting AI governance in banking or any industry. Trustworthy AI requires a foundation of human centricity, and it must embody the other core tenets of responsible innovation – inclusivity, transparency and accountability among them.”

Dig deeper into GenAI insights, in-person or online
Today’s announcement was made during Money20/20, branded the largest global fintech event enabling payments and finserv innovation, convening in Las Vegas, Oct. 27 – 30. Attendees are invited to engage with SAS experts on GenAI and other topics throughout the conference at Booth 3703.

To explore additional findings from SAS’ global GenAI study, download the banking report at SAS.com/genai-banking and check out SAS’ interactive GenAI data dashboard.

About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.

Editorial Contact:         

Trey Whittenton             

Danielle Bates

Trey.Whittenton@sas.com   

Danielle.Bates@sas.com 

919-531-6829           

919-531-1959

sas.com/news

 

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Air Products to Expand Integrated Gas Supply Network for Semiconductor Manufacturer in Taiwan

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7 minutes ago

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July 22, 2026

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New investment to support next-generation facility expansion

TAIPEI, July 22, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company, today announced Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer’s expansion in Taiwan. The project will supply multiple new semiconductor fabs and back-end packaging facilities, supporting growing demand driven by artificial intelligence and high-performance computing.

Air Products San Fu will build, own, and operate four large state-of-the-art air separation units and bulk gas supply systems with new underground pipeline systems. The company will supply a range of industrial gases, including nitrogen, oxygen, argon, and helium to support the customer’s semiconductor operations.

The new underground pipeline systems will be connected to Air Products’ existing pipeline network in Taiwan, further enhancing supply reliability, operational efficiency, and resilience.  

“Air Products is honored to be selected by our strategic customer to support their continued growth, building on our proven track record and strong long-term partnership,” said Paul Yang, President, Air Products San Fu. “This project further reinforces our role as a trusted supplier in Taiwan and reflects our long-term commitment to grow with our customers. It also underscores our world-class performance in safety, reliability and operational excellence, which are critical to meeting the increasingly demanding requirements of the electronics industry.”

Air Products has been serving the Taiwan market through Air Products San Fu for more than 70 years and has established leading supply positions across key science parks with extensive pipeline networks. The company operates one of the world’s largest ultra-high purity nitrogen pipeline systems in Southern Taiwan and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications. 

This latest project further strengthens Air Products’ integrated supply footprint across both front-end semiconductor manufacturing and back-end advanced packaging, reinforcing its position as a key supplier to the electronics industry in Taiwan.

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world’s largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/air-products-to-expand-integrated-gas-supply-network-for-semiconductor-manufacturer-in-taiwan-302831489.html

SOURCE Air Products and Chemicals, Inc.

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Air Products to Expand Integrated Gas Supply Network for Semiconductor Manufacturer in Taiwan

Published

7 minutes ago

on

July 22, 2026

By

New investment to support next-generation facility expansion

TAIPEI, July 22, 2026 /PRNewswire/ — Air Products (NYSE:APD), a world-leading industrial gases company, today announced Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer’s expansion in Taiwan. The project will supply multiple new semiconductor fabs and back-end packaging facilities, supporting growing demand driven by artificial intelligence and high-performance computing.

Air Products San Fu will build, own, and operate four large state-of-the-art air separation units and bulk gas supply systems with new underground pipeline systems. The company will supply a range of industrial gases, including nitrogen, oxygen, argon, and helium to support the customer’s semiconductor operations.

The new underground pipeline systems will be connected to Air Products’ existing pipeline network in Taiwan, further enhancing supply reliability, operational efficiency, and resilience.  

“Air Products is honored to be selected by our strategic customer to support their continued growth, building on our proven track record and strong long-term partnership,” said Paul Yang, President, Air Products San Fu. “This project further reinforces our role as a trusted supplier in Taiwan and reflects our long-term commitment to grow with our customers. It also underscores our world-class performance in safety, reliability and operational excellence, which are critical to meeting the increasingly demanding requirements of the electronics industry.”

Air Products has been serving the Taiwan market through Air Products San Fu for more than 70 years and has established leading supply positions across key science parks with extensive pipeline networks. The company operates one of the world’s largest ultra-high purity nitrogen pipeline systems in Southern Taiwan and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications. 

This latest project further strengthens Air Products’ integrated supply footprint across both front-end semiconductor manufacturing and back-end advanced packaging, reinforcing its position as a key supplier to the electronics industry in Taiwan.

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world’s leading technology companies.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world’s largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

This release contains “forward-looking statements” within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/air-products-to-expand-integrated-gas-supply-network-for-semiconductor-manufacturer-in-taiwan-302831489.html

SOURCE Air Products and Chemicals, Inc.

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UOB partners Visa to launch new Visa Infinite tiers across ASEAN in landmark multi-market launch of such scale

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7 minutes ago

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July 22, 2026

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More than 300,000 cardholders will enjoy expanded suite of premium benefits as UOB strengthens its regional leadership in premium payment solutions.

SINGAPORE, July 22, 2026 /PRNewswire/ — UOB has partnered with Visa, a global leader in digital payments, to relaunch several card products across its five key markets (Singapore, Malaysia, Thailand, Indonesia and Vietnam) under Visa’s newly introduced premium card tiers, Visa Infinite Privilege and Visa Infinite Private.

UOB is progressively upgrading its suite of affluent and high-net-worth (HNW) card solutions to the new Visa Infinite tiers, reinforcing the Bank’s leadership in premium card innovation. With the relaunch, more than 300,000 UOB Visa Infinite cardholders across ASEAN will be upgraded to higher card tiers, giving them access to an expanded suite of premium benefits. All other cardholders will continue to enjoy their existing privileges, with no downgrades across the portfolio. Eligible UOB Visa Infinite cardholders will be notified of their new card tiers via UOB’s official channels from September onwards, with no action required from them.

UOB is currently Visa’s largest card issuer in ASEAN[1] and brings an unparalleled regional footprint and customer base, serving over 8.5 million customers across the region. As the first Visa issuer across ASEAN to execute a launch of this scale across multiple markets, UOB and Visa are setting a new benchmark for regional card offerings, delivering elevated privileges and experiences to affluent cardmembers in the region. This collaboration is timely as affluent spending in ASEAN experiences strong growth. The number of new UOB affluent cardholders[2] grew over 10 per cent year-on-year in 2025, while card billings for this segment surged more than 25 per cent in the same year.

Visa unveiled its refreshed Visa Infinite offering in Asia Pacific on 16 July 2026, reimagined for the evolving needs of today’s affluent consumers. Anchored in a three-tier card suite, the enhanced platform introduces greater flexibility, personalisation and differentiated benefits across the affluent spectrum. In addition to Visa Infinite, the portfolio now includes the newly launched Visa Infinite Privilege and Visa Infinite Private, enabling issuers to deliver more tailored value propositions, experiences and rewards to distinct customer segments within a unified premium framework.

Selected top-tier UOB cardholders across the region will enjoy access to enhanced platform privileges and UOB-exclusive curated experiences, tailored to their respective Visa Infinite tiers. This aligns with UOB’s sharpened customer segmentation approach and enhanced card value propositions, aimed at serving the unique needs of customers by offering exclusive privileges tailored to their lifestyle preferences.

Mr Pratik Bhattacharjee, Head of Group Cards and Payment Products, UOB, said, “As UOB continues to sharpen our customer-centric operating model, we are focused on serving our customers more holistically across the wealth spectrum. Our partnership with Visa marks a significant milestone in this journey, allowing us to deepen our engagement with affluent customers by curating exclusive experiences that money cannot buy. As we continue strengthening our offerings to cater to each customer’s aspirations and lifestyle, our goal is to connect with them through life moments and opportunities that truly matter.”

Mr. T.R. Ramachandran, Head of Products & Solutions for Asia Pacific, Visa, said, “The affluent segment is one of the fastest-growing consumer segments in Asia Pacific, with expectations evolving alongside it. Today’s affluent consumers are seeking experiences that are more personalised, seamless and relevant to their lifestyles. The refreshed Visa Infinite portfolio is designed to meet these changing expectations, and through our partnership with UOB, we are extending these enhanced experiences to affluent customers across Southeast Asia.”

Greater personalisation through tiered privileges

With Visa’s enhanced Infinite tier segmentation, selected cardholders will benefit from more tailored services, differentiated privileges and elevated experiences that reflect their evolving lifestyle needs. This includes access to curated regional and global lifestyle offers as well as premium destination-based travel and dining privileges worldwide as part of the base membership. In addition, selected cardholders will get exclusive access to top-tier concerts and global sporting events like FIFA World Cup™, and reserved entitlements to key lifestyle offerings under Visa Infinite Privilege. At the highest tier, Visa Infinite Private offers bespoke invitation-only experiences highly personalised for ultra-high-net-worth individuals.

Leveraging its deep understanding of affluent customers across the region, UOB will complement Visa’s refreshed benefits with exclusive privileges, curated experiences and value-added offerings tailored to the unique preferences of its cardmembers. For example, selected cardholders will be able to enjoy specially-customised luxury travel experiences and privileged access to curated series of rare timepieces.

Paired with the Bank’s unparalleled regional connectivity, advisory excellence and One Bank ecosystem, this partnership with Visa aligns with UOB’s aim to bring together banking, wealth and lifestyle holistically to all customers. This also furthers the Bank’s ambition to become the Bank of Choice for aspiring customers across ASEAN.

-END-

About UOB

UOB is a leading Asian bank with a global network in Southeast Asia, Asia Pacific, Europe and North America. Operating through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, we have a global network of more than 470 branches and offices in 19 markets. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.

For more than nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with, ASEAN.

The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at www.visa.com.sg 

[1] Largest card issuer by total billings

[2] Includes UOB Reserve Card, UOB Zenith Card and UOB Visa Infinite cards

 

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SOURCE UOB

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