From Yahoo Finance: 2025-04-21 11:29:00

Financial services companies are prioritizing cloud, cyber, and data platforms for generative AI adoption, with 29% of IT budgets allocated to tech innovation. Banks are focusing on foundational technologies like cybersecurity, analytics, and cloud platforms. Executives are optimistic about generative AI’s potential for productivity gains but face adoption hurdles.

Generative AI use cases are emerging, with Bank of America and Citi reporting efficiency gains from AI coding assistants. Document processing is streamlined with generative AI, with over two-thirds of respondents using it for investment research. Accenture emphasizes the need to broaden access to efficiency tools for greater ROI.

Data modernization challenges persist in banking, with legacy institutions facing data silos and quality issues. Broadridge highlights the need for overcoming practical barriers to adopt generative AI. Firms are recognizing the importance of platform solutions connected to data for successful enterprise-wide adoption.



Read more at Yahoo Finance: Banks gear up to boost cybersecurity, cloud and data spending