Grant Thornton Advisors LLC has released its Banking Insights: 2026 AI Impact Survey Report, and among the findings, says half of banking executives say governance and compliance are already limiting AI performance, yet only 18% are sure they could pass an independent audit of AI controls.
According to the survey report of 950 business executives, banks are more likely than any other industry surveyed to say their AI controls are untested. Immature AI governance affects more than compliance readiness — it directly constrains ROI by limiting deployment of AI in high-value, regulated workflows, according to the report. Half of respondents cited governance and compliance barriers as contributors to AI underperformance or failure.
Banks are scaling AI across multiple front-, middle- and back-office functions, with top benefits including greater efficiencies (62%), improved decision-making (56%) and higher-quality outputs (42%).
But just 32% report revenue growth, and only 36% report cost reduction. More banks should be experiencing the cost-saving and profit-driving benefits of automation, but weak governance limits performance potential, the report's authors say.
Banking leaders identified governance as their top barrier to AI performance, and only 18% say they’re fully confident in their AI controls.
“One misconception banks may have is that taking the time to build a foundation of strong governance may slow down progress in evolving their AI maturity. The reality is that strong governance up-front will actually help them move faster," said Graham Tasman, Head of Banking Industry, Grant Thornton. "Financial institutions with a strong risk management program, governance, and data hygiene will be able to make decisions faster, build greater confidence in their AI usage and begin creating more efficiencies and stronger customer experiences across the organization.”
Just 2% of survey respondents said AI is fully integrated into operations, and 46% cited insufficient training as a reason past AI projects have underperformed or failed. Nearly half of banking respondents cited insufficient training as a reason past AI initiatives have failed, and 36% identify workforce readiness as a top concern about implementing agentic AI.
Visit Grant Thornton's website to see the full report.