State Street's AI use cases more than double to 350 as banks race to deploy agents

State Street has more than doubled its artificial intelligence use cases in a year, from roughly 150 to over 350, its chief data and AI officer said, as banks race to put AI agents to work across finance.

Manoj Bohra told a media round table at the Global Financial Leaders' Investment Summit in Hong Kong on Tuesday that the pace of adoption could not come "at the cost of responsibility and a governed ecosystem", pointing to the security risks that come with handing tasks to autonomous systems.

Executives from Goldman Sachs, Morgan Stanley, JPMorgan, Pimco and Bridgewater joined the first day of the summit to discuss what State Street describes as a coming era of agent-to-agent banking, in which AI systems transact and coordinate with one another rather than only with people.

The bank said it expects the uses of AI in finance to "multiply" in the years ahead. That growth, Bohra argued, has to be matched by governance and oversight rather than pursued for speed alone.

The message lands as financial firms weigh the efficiency gains of AI agents against the risk of failures, data breaches and decisions that are hard to audit.

What it means for Pakistan: For Pakistan's banks and fintechs, the State Street warning is a governance question before it is a technology one. Pakistani lenders and payment providers exploring AI-driven services would need clear controls and audit trails, and the country's regulators would face the same task of setting rules for automated systems that financial institutions in the US and Hong Kong are now debating.