AI智能体重塑美国银行业研究+US+Bank：AI+in+financials

BofASECURITIESH

Accessibleversion

BofAGLOBALRESEARCH

USBanks

AIinfinancials:Bracingforthedisruptionahead

IndustryOverview

17February2026

AIagentsturnupthepressure…

Equity

UnitedStatesBanks

EbrahimH.Poonawala

ResearchAnalystBofAS

+16467430490

ebrahim.poonawala@

Ourviewcomingoutofourpaneldiscussion“AIinFinancials”withvariousindustry

expertsandmanagementmeetingsduringBofA’s34thannualfinancialservices

conferenceisthatincumbentsinthefinancialservicesspaceareatagreaterriskof

beingdisruptedbycompetitorswhohaveadoptedAItoolsandusingiteffectivelyas

opposedtobeingdisruptedbyanewAItool.Therewilllikelybeapricetobepaidfor

incumbentswhodonotmove.Seepage2forpaneltakeaways.Relevantresearch:

US

Banks:AIwilleatsoftware

BrandonBerman

ResearchAnalystBofAS

+16468553933

brandon.berman@

GabrielAngelini

ResearchAnalystBofAS

+16468553081

gabriel.angelini@

DanielCocchiara

ResearchAnalystBofAS

+16468551870

daniel.cocchiara@

EricDray,CFA

ResearchAnalystBofAS

+16468555780

eric.dray@

…butbankingismorethanjustsoftwarecodes

Webelievethestickinessofclientrelationships“humaninteraction”thatdemandshigh-touchserviceacrosscapitalmarkets/commercialbanking/wealthcombinedwith

regulatoryrequirementsraisethebarriertoentry.AdaptingtoachangingtechnologylandscapeispartoftheDNAfortheindustrygiventhepersistentcompetitivethreatsfromFintechs(onlinebanking,robo-advisory,payments).Thatsaid,AIcouldenable

Fintechstocompetemoreeffectivelybyofferingsophisticatedservicesatlowercost.

Everyminutematters

TheAIindustryismovingatanextraordinarypace,withpanelistsnotingthatayearinAInowfeelslikeadecadeofprogresswithmodelcapabilitiesjumpingmateriallyeveryfewmonths.Thisspeedcreatesrealobsolescencerisk,asinfrastructureoragenticsystemsbuilttodaymaybeovertakenbythenextmodelrelease.Atthesametime,banksbenefitfromastructuralregulatorymoatwhichmaymakeitdifficultfornewentrantsto

competeatscale.

Glossary:

AI:ArtificialIntelligence

AML:Anti-MoneyLaundering

APIs:ApplicationProgrammingInterfaces

KYC:KnowYourCustomer

SaaS:SoftwareasaService

Aneweraofefficiency

Banksareinaperiodofmeaningfulcoststructuretransformation,withthemost

immediategainsexpectedinmanualbackandmiddleofficeworkflows,especiallyifwell-definedand/oroffshored(i.e.,KYC/AML,frauddetection,etc).AItoolssuchas

Anthropic’sClaudehaverealpotentialtoautomatelargevolumesofwork,eventually

offeringapathtolowerrunrateexpensesandimprovedefficiency.Webelievethis

couldemergeasakeydifferentiatorforbanks,withearlyadoptersabletotranslate

efficiencygainsintobetteroperatingleverageandmorecapacitytoreinvestforgrowth.

AIinvestmentbubble“afeature,notabug”

PanelistsagreedthatwhilepartsoftheAImarketwereshowingclassicbubbletraits,anycorrectionisunlikelytoderailthestructuraltransformationunderway.Thebubblewasframedas“afeature,notabug,”arguingthatevenwithavaluationreset,the

underlyingAIinfrastructureretainsdurablevalue.HypeisclearlymountingwithAIcompaniesraising$500mn+withjustanidea,butpanelistsnotedthatstart-up

shakeoutsoftenpushtheindustryforward.

Continuedonpage2….

BofASecuritiesdoesandseekstodobusinesswithissuerscoveredinitsresearch

reports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictof

interestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.

Refertoimportantdisclosuresonpage5to7.12937024

Timestamp:17February202606:00AMEST

BofAGLOBALRESEARCH

2USBanks|17February2026

AIinFinancialsPanel

EdSim(Founder&Partner,BoldstartVentures),PeterYared(Founder&CEO,InCountry),JulianLevy(ManagingPartner&Co-Founder,ElevataVentures)

Agent-nativecompaniesvs.legacystructures

•Panelistsnotedthatstartupsfoundedinthelasttwoyearsare“agent-native,”

buildingproductsandinternalworkflowsaroundAIagentsfromthestart,whichproducesleanercoststructuresandfasteriteration.

•Companiesfoundedbeforethiserafaceculturalandarchitecturalfrictioninsertingagentsintooldersystems,wideningthegapbetweenlegacyandmodernfirms.

•Lowerbarrierstoentryareallowingfounderstoattackeverylayerofthestack,

thoughmanylayersbuiltjust18monthsagoarealreadybeingcommoditizedasoutoftheboxagentcapabilitiesadvance.

Regulation,dataresidency,andcomplianceshapingproductdesign

•Regulatoryandcompliancerequirementsnowinfluenceproductdesignattheearlieststages.

•Dataminimization,jurisdictionalconstraints,andfragmentedglobalrulesrequireinstitutionstorethinkhowdataflowstoagents.

•Somecountriesrequiredatatoremainlocal,forcingbankstoreplicate

infrastructureortightlyrestrictwhatinformationissenttoeachworkflow.

•Browser-basedAItoolsalsocreatenewsecurityrisksbybypassingenterprisecontrols.

Enterpriseadoptionacceleratingfasterthanpriortechcycles

•PanelistsagreedthatAIisbeingadoptedinsidefinancialinstitutionsmuchfasterthancloudtechnologywas.

•Theearliestdeploymentsareconcentratedinback-officefunctionssuchasKYC,accounting,documenthandling,andexceptionreview.

•Customerfacingusecasesareexpectedtofollowoncegovernance,auditability,andhallucinationcontrolsmatureenoughtosatisfyregulators.

Codingastheleadingindicatorofenterprisetransformation

•PanelistshighlightedthatcodingagentsbestillustratehowquicklyAI-drivenchangeisaccelerating.

•Multi-agentcodingsystemscannowautonomouslycompletecomplexworkflowsratherthanmerelyassistwithautocomplete.

•Developersareusingtheseagentstorebuilddecadeoldsystemsinamatterof

weeks,shiftingconstraintsfromcodingtointegrationandgovernance.Institutionsrelyingonoutdatedmodelsorfreetiersarealreadyfallingbehindpeersusingthelatestagentictools.

Reliabilityimprovingandenablingphasedautomation

•Hallucinations,oncethemainblocker,havebecomelessproblematicdueto

improvedmodelstability,sandboxing,andtighterretrievalscopes.

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•Panelistsexpectmanyprocessestooperateinparallelwithagentsystemsduringearlyrollout,particularlythoseinvolvingmultiteamhandoffsorhighriskdecisionflows.

•Someinstitutionsmaytestfullyautomated“greenfield”workflowsbeforeintegratingthembackintotightlyregulatedenvironments.

Platformdynamics:distribution,trust,andintegrationadvantages

•Panelistsobservedthatwhilefrontiermodelqualityshiftsfrequently,enterpriseadoptiondependsfarmoreondistribution,permissioning,andtrust.

•Platformswithstrongidentitymanagement,productivitysuitedistribution,andenterprisegradecontrols(suchasagent-chainingpermissionsandrole-basedaccess)arepositionedtobenefitmostinthenearterm.

•Overtime,institutionsareexpectedtoblendfrontierAPIs,open-sourcemodels,andinternalmodels,withdata-controlstrategybecomingamajorfactorinvendor

choice.

SaaSpressureandtheriseofinternalbuild

•PanelistsagreedthattraditionalSaaSmodelsareexposedasinternalteams

increasinglyuseAItorecreateworkflowsonceoutsourcedtosoftwareproviders.

•Infrastructurecentricvendorsappearmoredurable,whileworkflowfocusedSaaSofferingsmayfacegreaterpressure.

•Largeincumbentswithdeeplyembeddedrulesandmulti-yearcontractsretainshort-termprotection,butagenticsystemsmayeventuallyextractandreplicatetheirworkflows.Renewalnegotiationsmayinvolvefewerseats,higherper-seatfees,shortercontracts,anddemandsforAI-relatedflexibility.

Labordisplacementandearlyautomationcandidates

•Panelistsidentifiedhighlystructuredoffshoreprocessesandstandardizedreviewworkastheearliestandmosteconomicallyattractiveareasforautomation.

•Theeconomicvalueofproprietaryenterprisedataisincreasingsharplyasmodelproviderssearchfordifferentiatedtrainingsources.

•Manyinstitutionsarealreadyrunningshadow-modeagentstomapworkflowsandpinpointautomationopportunities.

Macrocycle,capexintensity,andbubbledynamics

•Thepanelacknowledgedbubble-likebehaviorincertainprivatevaluations,thoughtheybelievetheproductivityimpactofAIremainsgenuineandbroadbased.

•Evenifacorrectionoccurs,underlyingassetssuchaspower,datacenters,andhardenedpipelineswilllikelyretainlongtermvalue.

•Rapidhardwarecyclesandpowerconstraintsintroducenewrisks,especiallythepossibilityofstrandedinfrastructurethatcannotbeeasilyrepurposedunlikethe“darkfiber”salvageableafterthedot-comcrash.

Competitiveimplicationsacrossbanksizes

•Largefinancialinstitutionscurrentlyleadduetoscale,vendorattention,andinternaltechnicaltalent.

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•Mid-tierbanks,meanwhile,remainunderservedbytheleadingplatformsandmajorconsultingfirms,leavingthemwithfewersupportoptions.However,panelists

believemid-tierbanksthatadoptAIearly,particularlyinKYC,onboarding,and

operationalbottlenecks,couldnarrowthecompetitivegap.AI-drivenmigrationtoolsareexpectedtodramaticallyreducethetimeandcostrequiredtoswitchcore

systemsormovefromon-premisetocloud.

•Regulatoryapproval,notengineering,remainsthelargestbottleneckforrapidmodernization.

Closingperspectives

•PanelistsexpectAItoreshapeinternalprocessesfirstbeforemovingintocustomerfacingproducts,withaspeedunmatchedbyprevioustechnologyshifts.

•Competitiveadvantagewillincreasinglydependonmasteryofdatagovernance,agentorchestration,andrapidintegration.

•Institutionsthatbuildhands-onexpertisenow,ratherthanwaitingfor“matureenterpriseguidelines,”willbebestpositionedasagenticsystemsreshapethestructureandeconomicsoffinancialservices.

BofAGLOBALRESEARCH

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Disclosures

ImportantDisclosures

FUNDAMENTALEQUITYOPINIONKEY:OpinionsincludeaVolatilityRiskRating,anInvestmentRatingandanIncomeRating.VOLATILITYRISKRATINGS,indicatorsofpotentialpricefluctuation,are:A-Low,B-MediumandC-High.INVESTMENTRATINGSreflecttheanalyst’sassessmentofbothastock’sabsolutetotalreturnpotentialaswellasitsattractivenessforinvestmentrelativetootherstockswithinitsCoverageCluster(definedbelow).Ourinvestmentratingsare:1-Buystocksareexpectedtohaveatotalreturnofatleast10%andarethemostattractivestocksinthecoveragecluster;2-Neutralstocksareexpectedtoremainflator

increaseinvalueandarelessattractivethanBuyratedstocksand3-Underperformstocksaretheleastattractivestocksinacoveragecluster.Aninvestmentratingof6(NoRating)indicatesthatastockisnolongertradingonthebasisoffundamentals.Analystsassigninvestmentratingsconsidering,amongotherthings,the0-12monthtotalreturnexpectationforastockandthefirm’sguidelinesforratingsdispersions(showninthetablebelow).Thecurrentpriceobjectiveforastock

shouldbereferencedtobetterunderstandthetotalreturnexpectationatanygiventime.Thepriceobjectivereflectstheanalyst’sviewofthepotentialprice

appreciation(depreciation).

InvestmentratingTotalreturnexpectation(within12-monthperiodofdateofinitialrating)

Buy≥10%

Neutral≥0%

UnderperformN/A

Ratingsdispersionguidelinesforcoveragecluster

R1

≤70%

≤30%

≥20%

R1RatingsdispersionsmayvaryfromtimetotimewhereBofAGlobalResearchbelievesitbetterreflectstheinvestmentprospectsofstocksinaCoverageCluster.INCOMERATINGS,indicatorsofpotentialcashdividends,are:7-same/higher(dividendconsideredtobesecure),8-same/lower(dividendnotconsideredtobesecure)and9-paysnocashdividend.CoverageClusteriscomprisedofstockscoveredbyasingleanalystortwoormoreanalystssharingacommonindustry,sector,

regionorotherclassification(s).Astock’scoverageclusterisincludedinthemostrecentBofAGlobalResearchreportreferencingthestock.

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