xAI has partnered with Palantir to investigate how financial services firms can leverage AI. The collaboration, announced Tuesday (May 6), builds on an earlier partnership from March between Palantir and holding company TWG Global. The companies note that this effort comes at a time when CEOs increasingly recognize the significance of artificial intelligence (AI), even though many organizations remain stuck at the proof-of-concept stage. “Some of the West’s most critical institutions spend too much time navigating makeshift systems and not enough time harnessing AI’s transformative power to unlock substantial growth, ” said Palantir CEO and Co-founder Alex Karp in a news release. “Embedding AI at the heart of operations enables these companies to achieve faster, more impactful outcomes for customers and — as a result — create much greater value for society. ” Mark Walter, chairman and CEO of TWG, emphasized that unlocking AI’s potential requires a fundamental change in how it is integrated. “Specifically, it must be managed at the very highest levels of the C-suite rather than being confined to a business’s technology division, where it traditionally has been, ” he stated. Among the partnership’s solutions is an “agentic workforce, ” defined by the companies as “modular AI agents customized for specific business processes, ” with a strong emphasis on coordination across and between functions to drive results such as revenue growth and cost savings. Research from PYMNTS Intelligence reveals that 72% of finance leaders report active AI use in their operations, ranging from fraud detection (64%) to customer onboarding automation (42%).

Moreover, almost all banking boards have approved generative AI programs, reflecting recognition of the technology’s strategic value. Industry leaders view artificial intelligence as a means to boost efficiency and deliver hyper-personalized customer experiences—a crucial element given that 50% of retail banking consumers are dissatisfied with their current banking options. This rising dependence on AI marks a pivotal moment where banks must adapt or risk being outpaced by agile Big Tech competitors.