The Power of AI: How is artificial intelligence transforming financial services?
We have published a new global report, The Power of AI: How is artificial intelligence transforming financing services, which features responses from a cross-section of financial services clients surveyed around the world in relation to the use of artificial intelligence (AI) or machine learning (ML) solutions.
More than three quarters of financial services firms surveyed are either considering or are already using AI or ML solutions.
While only 6% of respondents said they are at the point of moving towards large scale adoption or development of AI/ML solutions, many confirmed they are in the early stages of assessing or developing the tools’ potential across at least some areas of their business. Less than a quarter (24%) of respondents said that they do not currently use AI/ML at all.
A total of 94% say that they will (71%) or may (23%) use AI/ML solutions more in the next three years. A sizeable 87% of respondents said that they are already using, have confirmed plans to use, or are already evaluating use of, large language models such as ChatGPT or LaMDA.