Matías Martino, Vice President of Data & AI at Santander Chile, said how artificial intelligence is transforming financial services during a recent TVN Exponencial interview.

The shift toward AI in banking represents a fundamental change in how institutions manage data and interact with customers. As banks automate complex processes, the industry faces a critical balance between increasing operational efficiency and managing the resulting impact on the workforce.

Martino said the future of AI in the banking sector and the specific benefits expected from its adoption. The integration of these technologies aims to streamline services, and improve the delivery of financial products to clients in Chile.

Financial gains from these technologies are already appearing at the corporate level. Santander is expected to generate more than 200 million euros [1] in business value this year through the use of AI.

However, the transition is not without significant risk. While AI creates new opportunities for technological profiles, it also threatens traditional roles. Up to 25,000 jobs [2] in the banking sector could be at risk over the next decade as AI reconfigures the industry.

Martino said that the adoption of AI involves navigating various challenges, including the need for new skill sets, and the ethical implementation of automated decision-making. The move toward a data-driven model requires a shift in corporate culture to ensure that AI complements human expertise rather than simply replacing it.

These developments in Chile mirror a global trend where large financial institutions are racing to integrate generative AI into their core infrastructure to remain competitive in a digital-first economy.

“Santander is expected to generate more than 200 million euros in business value this year through the use of AI.”

The scale of Santander's projected AI-driven value suggests that financial institutions are moving past the experimental phase of artificial intelligence into a phase of direct monetization. However, the potential loss of thousands of jobs indicates a looming structural unemployment crisis within the banking sector that may require government intervention or aggressive corporate retraining programs to mitigate.