S&P Global Ratings stated that banks' application of artificial intelligence will increasingly impact their credit ratings over the coming years. A June survey of 179 global financial institutions projects AI-related costs will decrease by up to 4% this year, with savings expanding to 6%-8% by 2028. While 84% of surveyed institutions currently utilize AI for support functions and process automation, fewer than one-third have deployed the technology for new products and services due to regulatory and reputational risks. S&P emphasized that a bank's success in AI integration will depend on the maturity of its strategy and the robustness of its governance framework.