As Principal and Partner leading Next-Gen Banking and Payments Tech at EY, Mitch Siegel spends his days with CIOs, Chief Digital Officers, Chief Architects, and heads of retail and commercial banking - the full committee of people trying to move banks forward in the age of AI.

In this episode of Banking Reinvented, Mitch joins host Tim Rutten to make the case that the AI gap in banking is not a model problem or a compute problem. It is an architecture problem, a data problem, and an operating model problem. A study he co-led with MIT Technology Review across 250 banks put a number on it: only 16% have agentic AI in production, and even that figure, Mitch suggests, might be generous.

The conversation covers why AI transformation in banks is governed by committee and why that is precisely what slows it down, how the regulatory framework ...