AI is disrupting all industries, nowhere more so than in financial services. Banks are being challenged by cloud-native fintechs, who can use their expertise and agility to offer a completely revolutionized customer experience. With data now being viewed as the new oil, incumbent banks must do everything they can to rationalise and use the vast swathes of customer data that they hold. With the correct tools, banks can leverage this data to improve their non-performing loan (NPL) ratios, increase their loan coverage, and guard against ever-evolving cyberattacks. To this, banks will need full visibility of the competitive landscape in the industry and the leading technology vendors that they can partner with to make this mission a reality. Failure to quickly identify and combat the threat posed by AI, through digital innovation, will lead to the disruption of incumbent firms out of the market in the long term.