Artificial Intelligence (AI) and finance have become tightly intertwined, revolutionizing how financial institutions operate, make decisions, and serve their customers. The integration of AI into finance is driving unprecedented levels of efficiency, accuracy, and innovation, shaping the future of the industry.

The pace of AI application in Financial Services is clearly accelerating as companies begin to leverage AI to increase profitability and achieve scale. This has complicated and multifaceted implications and repercussions.

Some Key findings are:

  • AI is expected to turn into an essential business driver across the Financial Services industry in the short run, with 77% of all respondents anticipating AI to possess high or very high overall importance to their businesses within two years.
  • The rising importance of AI is accompanied by the increasingly broad adoption of AI across key business functions. Approximately 64% of surveyed respondents anticipate employing AI in all of the following categories – generating new revenue potential through new products and processes, process automation, risk management, customer service, and client acquisition – within the next two years
  • Risk management is the usage domain with the highest current AI implementation rates (56%), followed by the generation of new revenue potential through new AI-enabled products and processes, adopted by 52%.
  • Incumbents expect AI to replace nearly 9% of all jobs in their organization by 2030, while FinTechs anticipate AI to expand their workforce by 19%.
    Regardless of sectors and entity types, quality of and access to data and access to talent are considered to be major obstacles to implementing AI.

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