Financial Firms Lean Into AI Despite Data Hurdles
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Generative AI and large language models are gaining popularity, with 55% of financial services companies exploring them for applications like marketing, customer engagement, and content production.
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AI is having an impact across departments, with top uses being operations, risk and compliance, and marketing. 43% reported AI improved efficiency, 42% said it provided competitive advantage.
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Data-related challenges like privacy, sovereignty, and regulations are now the top headwind, versus recruiting AI experts in previous years.
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86% reported a positive AI impact on revenue, 82% noted reduced costs, 51% say AI is important to future success.
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97% of companies plan to invest more in AI, focusing on new use cases, optimizing workflows, and increasing infrastructure spend.