According to a Citi Group report, artificial intelligence is poised to revolutionize the global banking sector, potentially boosting its profit pool by $170 billion, a 9% increase, by 2028. The Citi TTS Client Survey reveals that 93% of financial institution respondents believe AI adoption could significantly enhance profitability over the next five years, driven by anticipated productivity gains. AI-generated insights can help prevent real-time payment scams such as Authorized Push Payment (APP) fraud. In the United Kingdom, APP fraud accounts for 40% of UK bank fraud losses, with estimates predicting it could cost $5.25 billion in the US, the UK, and India alone by 2026. The report emphasizes AI’s impending impact on the financial sector, promising to revamp existing operations, bolster security measures, and reshape the global intellectual property landscape.