Data Overview Report

The State Of GenAI In Financial Services, 2024

FS Firms Need To Involve Business Leaders In Execution And Advance Data And Governance Maturity

June 4th, 2024
Indranil Bandyopadhyay, Principal Analyst
Indranil Bandyopadhyay Principal Analyst
With contributors:
Oliwia Berdak , Rowan Curran , Hannah Jachim , Sam Bartlett

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.

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