Financial services have started to adopt Generative AI, but hurdles lie in their path toward generating income from new technology.
Key takeaways from the report:
- Gen AI could add $2.6 trillion to $4.4 trillion annually in value to the global economy.
- The banking industry could see the biggest impact (as a percentage of their revenues) from generative AI. The technology could deliver value equal to an additional $200 billion to $340 billion annually if the use cases were fully implemented.
- Corporate deployment of generative AI in finserv is still largely nascent.
- There is extensive experimentation on potentially more disruptive tools, but signs of commercial deployment remain rare.
- Legacy technology and talent shortages may slow adoption of generative AI tools, but only temporarily.
- More difficult to overcome may be weaknesses in the technology itself and regulatory hurdles to its rollout for certain tasks.
In conclusion, the adoption of generative AI in the financial services sector is growing, primarily focused on automating low-value activities. While the technology holds great promise, its full potential is yet to be realized. Financial institutions must carefully evaluate the benefits and risks, address challenges related to technology, talent, and regulation, and strategically deploy generative AI to unlock its value in the long run.
Source: MIT
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This article was compiled by Admin CTO Vietnam Network.
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