The latest study from leading data and analytics firm EXL unveils a seismic shift in the financial sector towards embracing artificial intelligence (AI), particularly generative AI. With 80% of top financial firms already implementing AI to some extent, and many planning extensive integration across functions, the industry stands at the brink of large-scale AI deployment. Generative AI, hailed as the next frontier, is gaining momentum, with 47% of firms already using it and 38% planning to incorporate it within the next 24 months.
While optimism abounds, challenges such as explainability and integration persist. Solutions lay in firms tightly linking AI with strategy, involving the board, becoming data-driven, boosting integration, choosing the right partners, and selecting appropriate AI solutions to unlock AI's full potential and gain a competitive edge in the evolving landscape of financial services.