Survey Reveals Financial Industrys Top Trends for 2024 – Nvidia
The financial services industry is undergoing a significant transformation with the adoption of AI technologies. NVIDIAs fourth annual State of AI in Financial Services Report provides insights into the current landscape and emerging trends for 2024.
The report reveals that an overwhelming 91% of financial services companies are either assessing AI or already using it in production. These firms are using AI to drive innovation, improve operational efficiency and enhance customer experiences.
Portfolio optimization, fraud detection and risk management remain top AI use cases, while generative AI is quickly gaining popularity with organizations keen to uncover new efficiencies.
Below are the reports key findings, which show how the financial services industry is evolving as advanced AI becomes more accessible.
Reflecting a macro-trend seen across industries, large language models (LLMs) and generative AI have emerged as significant areas of interest for financial services companies. Fifty-five percent of survey respondents reported that they were actively seeking generative AI workflows for their companies.
Organizations are exploring generative AI and LLMs for an array of applications ranging from marketing and sales ad copy, email copy and content production to synthetic data generation. Of these use cases, 37% of respondents showed interest in report generation, synthesis and investment research to cut down on repetitive manual work.
Customer experience and engagement was another sought-out use case, with a 34% response rate. This suggests that financial services institutions are exploring chatbots, virtual assistants and recommendation systems to enhance the customer experience.
With 75% of survey respondents considering their organizations AI capabilities to be industry leading or middle of the pack, financial services organizations are becoming more confident in their ability to build, deploy and extract value from AI implementations.
The most popular uses for AI were in operations, risk and compliance, and marketing. To improve operational efficiency, financial organizations are using AI to automate manual processes, enhance data analysis and inform investment decisions.
To enhance risk and compliance, theyre deploying AI to analyze vast amounts of data to identify suspicious activities and anomalous transaction patterns. Theyre also using AI to analyze customer data to predict preferences and deliver personalized marketing campaigns, educational content and targeted promotions.
Companies are already seeing results. Forty-three percent of financial services professionals indicated that AI had improved their operational efficiency, while 42% felt it had helped their business build a competitive advantage.
In previous years, the number one challenge respondents reported was recruiting AI experts and data scientists. A 30% increase this year in survey participants resoundingly responded that data-related challenges were the primary concern. This includes data privacy challenges, data sovereignty and data scattered around the globe governed by different oversight regulations.
The growing attention to these issues reflects the advancing power and complexity of AI models, which require huge, diverse datasets to train, as well as increasing regulatory scrutiny and emphasis on responsible AI.
Recruiting and retaining AI experts remains a challenge, as do budget concerns. But more than 60% of respondents are still planning to increase investment in computing infrastructure or optimizing AI workflows, underscoring the importance of these tools in quickly building and deploying trustworthy AI to overcome these barriers.
By and large, the survey results paint a positive picture of AI bringing greater efficiency to operations, personalization to customer engagements, and precision to investment decisions.
Finance professionals agree. Eighty-six percent of respondents reported a positive impact on revenue, while 82% noted a reduction in costs. Fifty-one percent strongly agreed that AI would be important to their companys future success, a 76% increase from last year.
With this positive outlook, 97% of companies plan to invest more in AI technologies in the near future. Focus areas for future investments include identifying additional AI use cases, optimizing AI workflows and increasing infrastructure spending.
To build and scale impactful AI across the enterprise, financial services organizations need a comprehensive AI platform that empowers data scientists, quants and developers to seamlessly collaborate while minimizing obstacles. To that end, executives are investing more in AI infrastructure and prioritizing high-yield AI use cases to improve employee productivity while delivering superior customer experiences and investment results.
Download the State of AI in Financial Services: 2024 Trends report for in-depth results and insights.
Explore NVIDIAs AI solutions and enterprise-level AI platforms for delivering smarter, more secure financial services and the AI-powered bank.
More:
Survey Reveals Financial Industrys Top Trends for 2024 - Nvidia
- Voice Actors Sue Company Whose AI Sounds Like Them - The New York Times - May 20th, 2024 [May 20th, 2024]
- Missed Out on Nvidia's Run-Up? My Best Artificial Intelligence (AI) Stock to Buy and Hold - Yahoo Finance - May 20th, 2024 [May 20th, 2024]
- Here's My Top Artificial Intelligence (AI) Stock to Buy and Hold - Yahoo Finance - May 20th, 2024 [May 20th, 2024]
- How ISIS allies are using AI fakes to spread propaganda quickly - The Washington Post - May 20th, 2024 [May 20th, 2024]
- Sainsbury's and Microsoft announce five-year AI collaboration - Microsoft - May 20th, 2024 [May 20th, 2024]
- Marc Dion: Diners and AI - The Dispatch - The Commercial Dispatch - May 20th, 2024 [May 20th, 2024]
- What is an AI PC, and how it might change the tech industry - Axios - May 20th, 2024 [May 20th, 2024]
- Age of the AI agents: OpenAI's GPT-4o and Google's Project Astra, plus an exclusive sit-down with Google CEO Sundar ... - CNBC - May 20th, 2024 [May 20th, 2024]
- Alphabet Goes All In on Artificial Intelligence (AI). Is It Time to Go All In on the Stock? - The Motley Fool - May 20th, 2024 [May 20th, 2024]
- Reddit soars after announcing OpenAI deal that allows use of its data for training AI models - CNBC - May 20th, 2024 [May 20th, 2024]
- How Googles AI Overviews Work, and How to Turn Them Off (You Cant) - WIRED - May 20th, 2024 [May 20th, 2024]
- Google AI: Gemini comes to Workspace for Education - The Keyword | Google Product and Technology News - May 20th, 2024 [May 20th, 2024]
- Exclusive | CoreWeave Raises $7.5 Billion in Debt for AI Computing Push - The Wall Street Journal - May 20th, 2024 [May 20th, 2024]
- How can AI be used in education? From ABCs to SATs - USA TODAY - May 20th, 2024 [May 20th, 2024]
- Among AI infrastructure hopefuls, Qualcomm has become an unlikely ally - The Register - May 20th, 2024 [May 20th, 2024]
- We have to stop ignoring AI's hallucination problem - The Verge - May 20th, 2024 [May 20th, 2024]
- How Google's Gemini AI model got its name - The Keyword | Google Product and Technology News - May 20th, 2024 [May 20th, 2024]
- SoundHound AI: Should Investors Buy This Artificial Intelligence (AI) Stock After 160% Gains? - The Motley Fool - May 20th, 2024 [May 20th, 2024]
- Bye Bye, AI: How to turn off Google's annoying AI overviews and just get search results - Tom's Hardware - May 20th, 2024 [May 20th, 2024]
- As the AI world gathers in Seoul, can an accelerating industry balance progress against safety? - The Guardian - May 20th, 2024 [May 20th, 2024]
- Microsoft delivers an AI blow to Nvidia - TheStreet - May 20th, 2024 [May 20th, 2024]
- Hollywood at a Crossroads: Everyone Is Using AI, But They Are Scared to Admit It - Hollywood Reporter - May 20th, 2024 [May 20th, 2024]
- 3 Companies Already Working on the Next Phase of Artificial Intelligence (AI) - The Motley Fool - May 20th, 2024 [May 20th, 2024]
- Hollywood agency CAA aims to help stars manage their own AI likenesses - TechCrunch - May 20th, 2024 [May 20th, 2024]
- Dow Jones Futures Rise; Nvidia Earnings Offer Huge Test With 5 AI Stocks Near Buy Points - Investor's Business Daily - May 20th, 2024 [May 20th, 2024]
- 'Copper is the new oil,' and prices could soar 50% as AI, green energy, and military spending boost demand, top ... - Fortune - May 20th, 2024 [May 20th, 2024]
- New support for AI advancement in Central and Eastern Europe - The Keyword | Google Product and Technology News - May 20th, 2024 [May 20th, 2024]
- OpenAI dissolves team focused on long-term AI risks, less than one year after announcing it - CNBC - May 20th, 2024 [May 20th, 2024]
- Caution: 3 Things You Must Know About C3.ai Stock - The Motley Fool - May 20th, 2024 [May 20th, 2024]
- Business school teaching case study: risks of the AI arms race - Financial Times - May 20th, 2024 [May 20th, 2024]
- Congressman Don Beyer went back to college to learn AI - The Associated Press - April 15th, 2024 [April 15th, 2024]
- Georgia Tech Unveils New AI Makerspace in Collaboration with NVIDIA - Georgia Tech College of Engineering - April 15th, 2024 [April 15th, 2024]
- Energy-Guzzling AI Is Also the Future of Energy Savings - The Wall Street Journal - April 15th, 2024 [April 15th, 2024]
- South Korea to host second AI Safety Summit on May 21-22 - Reuters - April 15th, 2024 [April 15th, 2024]
- What is artificial intelligence (AI)? - Livescience.com - April 15th, 2024 [April 15th, 2024]
- 'Jailbreaking' AI services like ChatGPT and Claude 3 Opus is much easier than you think - Livescience.com - April 15th, 2024 [April 15th, 2024]
- Google AI podcast: 6 conversations with global leaders - The Keyword | Google Product and Technology News - April 15th, 2024 [April 15th, 2024]
- Galaxy AI features are coming to last-gen Samsung phones including the S21 series - The Verge - April 15th, 2024 [April 15th, 2024]
- AI's Most Promising Startups Are Getting Younger And Leaner - Forbes - April 15th, 2024 [April 15th, 2024]
- How to Stop Your Data From Being Used to Train AI - WIRED - April 15th, 2024 [April 15th, 2024]
- 7 of the best Sora AI videos featuring animals - Tom's Guide - April 15th, 2024 [April 15th, 2024]
- How Microsoft discovers and mitigates evolving attacks against AI guardrails - Microsoft - April 15th, 2024 [April 15th, 2024]
- Apple's First AI Features in iOS 18 Reportedly Won't Use Cloud Servers - MacRumors - April 15th, 2024 [April 15th, 2024]
- Samsung officially bringing One UI 6.1 and AI features to Galaxy S22, Fold 4, Flip 4 in May - 9to5Google - April 15th, 2024 [April 15th, 2024]
- Eat the future, pay with your face: my dystopian trip to an AI burger joint - The Guardian - April 15th, 2024 [April 15th, 2024]
- Humans Forget. AI Assistants Will Remember Everything - WIRED - April 15th, 2024 [April 15th, 2024]
- From boom to burst, the AI bubble is only heading in one direction - The Guardian - April 15th, 2024 [April 15th, 2024]
- Meta and Google announce new in-house AI chips, creating a trillion-dollar question for Nvidia - Fortune - April 15th, 2024 [April 15th, 2024]
- Google goes all in on generative AI at Google Cloud Next - TechCrunch - April 15th, 2024 [April 15th, 2024]
- Humane AI Pin review: the post-smartphone future isnt here yet - The Verge - April 15th, 2024 [April 15th, 2024]
- Ukraines attacks on Russian oil refineries show the growing threat AI drones pose to energy markets - CNBC - April 15th, 2024 [April 15th, 2024]
- Texas is replacing thousands of human exam graders with AI - The Verge - April 15th, 2024 [April 15th, 2024]
- Humane AI Pin review and OpenAIs YouTube project - The Verge - April 15th, 2024 [April 15th, 2024]
- AI makes retinal imaging 100 times faster, compared to manual method - National Institutes of Health (NIH) (.gov) - April 15th, 2024 [April 15th, 2024]
- AI Is Poised to Replace the Entry-Level Grunt Work of a Wall Street Career - The New York Times - April 15th, 2024 [April 15th, 2024]
- $10 Billion Productivity Startup Notion Wants To Build Your AI Everything App - Forbes - April 15th, 2024 [April 15th, 2024]
- Wall Street is bullish on copper, thanks to AI. Analysts love these stocks, giving one 234% upside - CNBC - April 15th, 2024 [April 15th, 2024]
- AI editing tools are coming to all Google Photos users - The Keyword | Google Product and Technology News - April 15th, 2024 [April 15th, 2024]
- AI model has potential to detect risk of childbirth-related post-traumatic stress disorder - National Institutes of Health (NIH) (.gov) - April 15th, 2024 [April 15th, 2024]
- How soon will machines outsmart humans? The biggest brains in AI disagree - Financial Times - April 15th, 2024 [April 15th, 2024]
- 3 Hot Artificial Intelligence (AI) Stocks to Buy With $1,000 and Hold Forever - Yahoo Finance - March 24th, 2024 [March 24th, 2024]
- 11 Stocks That Will Profit From AI Evolution - Yahoo Finance - March 24th, 2024 [March 24th, 2024]
- USF plans to launch college focused on artificial intelligence, cybersecurity and computing - University of South Florida - March 24th, 2024 [March 24th, 2024]
- Stability AI CEO resigns to pursue decentralized AI - The Verge - March 24th, 2024 [March 24th, 2024]
- Scientists create AI models that can talk to each other and pass on skills with limited human input - Livescience.com - March 24th, 2024 [March 24th, 2024]
- AI-generated blues misses a human touch and a metronome - The Verge - March 24th, 2024 [March 24th, 2024]
- Financial Times tests an AI chatbot trained on decades of its own articles - The Verge - March 24th, 2024 [March 24th, 2024]
- Microsoft's First AI Surface PC: What Does It Offer? - Investopedia - March 24th, 2024 [March 24th, 2024]
- S&P 500 Stocks: AI Stock Super Micro Is Lapping The Field In 2024, Even Nvidia - Investor's Business Daily - March 24th, 2024 [March 24th, 2024]
- Using AI to expand global access to reliable flood forecasts - Google Research - March 24th, 2024 [March 24th, 2024]
- Generative AI for designing and validating easily synthesizable and structurally novel antibiotics - Nature.com - March 24th, 2024 [March 24th, 2024]
- Top 8 Free AI Tools in 2024 - eWeek - March 24th, 2024 [March 24th, 2024]
- Researchers gave AI an 'inner monologue' and it massively improved its performance - Livescience.com - March 24th, 2024 [March 24th, 2024]
- The iPhone 16 could come with extra RAM and storage just for AI - TechRadar - March 24th, 2024 [March 24th, 2024]
- World's first global AI resolution unanimously adopted by United Nations - Ars Technica - March 24th, 2024 [March 24th, 2024]
- How Google uses AI to improve global flood forecasting - The Keyword | Google Product and Technology News - March 24th, 2024 [March 24th, 2024]
- These are JPMorgan's top AI stock picks outside of the chip space - CNBC - March 24th, 2024 [March 24th, 2024]
- 16 Changes to the Way Enterprises Are Building and Buying Generative AI - Andreessen Horowitz - March 24th, 2024 [March 24th, 2024]
- The first batch of Rabbit R1 AI devices will be shipping next week - TechRadar - March 24th, 2024 [March 24th, 2024]
- 7 great Google Gemini AI prompts to try this weekend - Tom's Guide - March 24th, 2024 [March 24th, 2024]
Tags: