KeyBank implementing AI to improve speed, experience, efficiency

KeyBank parent company KeyCorp is embedding AI across bank operations in four main sectors to speed up processes, improve client experiences and increase efficiency. "Our $1 billion technology budget this year has supported new product and service capabilities while allowing us to position the company for the future," KeyCorp Chief Executive Chris Gorman said during today's third-quarter earnings call. [caption id="attachment_220962" align="alignright" width="300"] (Courtesy/Ty Wright/Bloomberg)[/caption] Gorman said KeyBank is targeting four domains for large-scale AI adoption: Commercial onboarding and servicing; Commercial originations; Consumer servicing; and Software engineering. In commercial onboarding and servicing, KeyBank is working to speed up client onboarding to generate revenue earlier and simplify client support, Clark Khayat , chief financial officer and head of technology at KeyCorp, said on the call. In commercial originations, the $188.6 billion bank is streamlining credit and collateral processes to improve experience and speed, he said. "In consumer servicing, we're deploying AI to automate high-volume tasks, reduce fraud and enable faster issue resolution," Khayat said. "And in software engineering, we're transforming how we build, deliver and support technology through AI to achieve greater speed, quality, resiliency and efficiency. "In summary, I'm energized by the opportunities ahead and what AI can unlock across Key," Khayat said. By the numbers KeyCorp reported record Q3 revenue of $2.04 billion, an increase of 8.4% year over year. The company also reported in Q3: Net income of $579 million, up 18.4% YoY; A cash efficiency ratio of 60.6%, improved from 61.8% in Q3 2025; and Headcount of 17,700, up 1.6% YoY. The bank reported Q3 tech spend of: Computer processing expense of $116 million, up 10.5% YoY; and Equipment expense of $21 million, up 5% YoY. "We're going to continue to invest in people and in technology," Gorman said. "We are accelerating the deployment of AI ... to simplify processes, increase productivity and help our teammates spend more time delivering advice and solutions to clients. "While we remain in the early stages, we are encouraged by the opportunity in front of us." Shares of KeyCorp ( NYSE: KEY ) were up 4.42% from market open to $20.80 as of market close today. It has a market capitalization of $22.1 billion.

KeyBank implementing AI to improve speed, experience, efficiency

Bank reported record Q3 revenue of $2.04B

Customers Bank taps Palantir for AI-powered onboarding

Related Posts

Customers Bank taps Palantir for AI-powered onboarding

Announcing FinAi Banking Summit

FIs looking to trim number of tech vendors to minimize exposure

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

KeyBank implementing AI to improve speed, experience, efficiency

Bank reported record Q3 revenue of $2.04B

Customers Bank taps Palantir for AI-powered onboarding

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day