Based on an article from PYMNTS, the financial services sector is slow to adopt artificial intelligence (AI) despite its potential to significantly cut costs and improve efficiency. Regulatory concerns and fears of job losses are key reasons for this hesitation. Only 6% of retail banks are prepared for widespread AI implementation, according to a Capgemini study. However, McKinsey estimates that AI could add up to $340 billion annually to the global banking sector. Experts emphasize that AI is a productivity tool rather than a job threat, but adoption remains cautious.