Generative artificial intelligence is all the rage across global businesses with more than half of financial firms having implemented related use cases, according to a report by Forrester.
More than half (58 percent) of business and technology professionals have implemented generative artificial intelligence (genAI) use cases, according to a survey by research and advisory firm Forrester, with another 14 percent implementing pilots.
Productivity (44 percent) and revenue growth (44 percent) were considered the top benefits of using genAI. Other benefits cited include innovation, cost efficiency and entrance to new markets. While privacy and data protection are top concerns, 47 percent of respondents said they were not actively doing related assessments. 46 percent were also not actively doing risk assessments for genAI tools.
Spending Outlook
The report notes that genAI spending remains low but it is expected to increase. In fact, 93 percent of decision-makers in the financial services industry expect investments in the technology to increase in 2024.
«The rapid ascent of generative AI presents unprecedented opportunities and significant challenges for financial services executives,» said Indranil Bandyopadhyay, author of the report and principal analyst at Forrester. «The [financial services] industry has an optimistic outlook on genAI, anticipating that it will drive revenue growth and productivity.»
