The rapid ascent of generative AI (genAI) presents unprecedented opportunities and significant challenges for financial services (FS) executives exploring its potential for enhancing personalized digital experiences, customer service, fraud management, and operational efficiency. The FS industry has an optimistic outlook on genAI, anticipating that it will drive revenue growth and productivity, but there is a critical gap in genAI-specific privacy and risk assessments among FS companies. Additionally, there is a skewed focus on genAI exploration that’s led predominantly by tech teams rather than business units. This report helps FS executives understand the state of genAI in the industry.