While integrating AI into platforms, which facilitates indirect data network effects, has received significant attention for its potential to enhance operational efficiency, customer experience and unlock revenue opportunities, current literature lacks insights into the relationship between AI integration and firm performance. Focusing on the banking industry, we conducted an event study based on the announcement of AI integration in a global sample of 73 banks. We demonstrate that the announcement of AI integration positively affects stock market returns. We also explore the moderating impacts of multinational scope and digital upper echelon (CIO/CTO/CDO). Contrary to our hypothesis, we found that the positive effect of AI integration is more substantial for banks with a domestic scope than those with a multinational scope. Additionally, the presence of a digital upper echelon positively moderates the effect of AI integration. Our findings shed light on the practical contributions of AI integration.