From NVIDIA:

NVIDIA’s State of AI in Financial Services Report shows that 91% of companies are either assessing or using AI. Use cases include portfolio optimization, fraud detection, and risk management, with a growing interest in generative AI and large language models for applications like marketing and customer experience.

Financial firms are confident in AI’s impact, using it for operational efficiency, risk compliance, and marketing. Results show that 43% feel AI improves operational efficiency and 42% say it helps build a competitive advantage.

Challenges in the industry have shifted from recruiting AI experts to data-related concerns, including privacy, sovereignty, and scattered data. Despite this, 60% plan to increase investment in computing infrastructure and AI workflows to overcome these challenges.

The future looks bright for AI in finance, with 97% of companies planning to invest more in the technology. The impact of AI has already been seen, with 86% reporting a positive impact on revenue and 82% reporting reduced costs. High-yield AI use cases and improved infrastructure are top areas for future investment.



Read more: Survey Reveals Financial Industry’s Top Trends for 2024