The usage of generative artificial intelligence within businesses is rapidly surging. In the financial sector, this has quadrupled in just one year, according to a survey by the Capgemini Research Institute.
In 2023, only 6 percent of organizations in the financial services industry had enabled any generative artificial intelligence (AI) capabilities, according to a report by Capgemini Research Institute. And in 2024, 21 percent have enabled genAI capabilities in some functions and locations while 3 percent have enabled it in all or most.
«Over the past year, adoption of generative AI has grown across all sectors, and most organizations embrace generative AI among their employees,» the report said. «Those organizations that have already adopted generative AI are experiencing benefits, including improved operational efficiency, enhanced customer experience, and increased sales.»
Use Cases
Naturally, optimism is on the rise in terms of how generative AI will enhance businesses. 67 percent of financial firms believe that generative AI will help drive revenue and innovation.
On use cases, Morgan Stanley, for example, developed a tool powered by GPT-4 to support financial advisors to rapidly access internal research. According to the report, this has enhanced advisor efficiency and client service, simulating top investment experts on call.
Potential Risks
There are undoubtedly risks involved in the usage of generative AI. The report highlighted examples such as the explainability to regulators about how a certain credit limit was set or increasingly sophisticated deepfakes that could potentially deceive customers into transferring funds to seemingly legitimate accounts.
«This underscores the imperative of ensuring both accuracy in customer-facing AI products and robust security measures in customer interactions,» the report added.
The report was based on a survey of 1,100 executives at organizations with more than $1 billion in annual revenue across 14 countries: Australia, Canada, France, Germany, Italy, India, Japan, Netherlands, Norway, Singapore, Spain, Sweden, UK and US. These organizations operate across 11 sectors, including 15 percent within the financial services industry.
