Chatbots were the most popular use case for generative artificial intelligence within financial services, according to a KPMG report.
Within financial services, customer services and chatbots were the most common use cases for generative AI (genAI), as agreed by 30 percent of respondents in the sector, according to the «KPMG GenAI Survey 2024».
Overall, leveraging data in decision-making was the most popular use case across all industries, as agreed by 71 percent of respondents. This was followed by shaping competitive positioning (52 percent) and opening new revenue opportunities (47 percent).
Key Risks and Legal Challenges
The mass adoption of the new technology undoubtedly comes with its own hurdles. The top risks named include data privacy (29 percent), regulatory uncertainty (13 percent) and the lack of security and safety (11 percent).
Conducted from June 21 to July 12 this year, the survey was based on perspectives from 225 C-suite and senior business leaders representing organizations with an annual revenue of $1 billion or more.
