Banks and insurance companies are increasingly collaborating with suppliers to enhance AI capabilities rather than developing solutions in-house. According to Capgemini Research Institute’s World Cloud Report 2026, two-thirds of financial firms partner for AI expertise and cloud platforms. For instance, Vitality has partnered with Google to create an AI platform focused on health decisions, while Mitsubishi UFJ Financial Group is advancing its AI strategy by collaborating with OpenAI and Sakana AI. Remarkably, only 33% of firms are building proprietary AI systems, with 49% integrating in-house efforts with external suppliers. The report anticipates that AI agents could generate up to $450 billion in economic value by 2028, as 80% of firms are in the early stages of AI adoption. While 75% of banks and 70% of insurers use AI for customer service, many are also establishing supervisory roles to address skill gaps, ensuring a balanced human-AI collaboration.
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