The financial services sector is reaching an important milestone with the use of artificial intelligence, as organizations move beyond testing and experimentation towards successful AI implementation, driving business results. The fifth annual reportState of AI in Financial ServicesNVIDIA’s State of AI in Financial Services showcases how financial institutions have consolidated their AI efforts to focus on core applications, signaling a significant increase in AI capability and proficiency.
The report indicates that companies investing in AI are gaining tangible benefits, including increased revenues and cost savings. Almost 70% of respondents report that AI has generated a revenue increase of 5% or more, with some reporting a revenue increase of 10 to 20%. Furthermore, more than 60% of respondents say that AI helped reduce annual costs by 5% or more. Almost a quarter of respondents plan to use AI to create new business opportunities and revenue streams.
"AI technology has the potential to drastically transform various markets, and the financial sector is no different, being one of the most benefiting from this revolution. That is why investment in AI has ceased to be a differentiation option and has become a competitive necessity," comments Marcio Aguiar, director of NVIDIA's Enterprise division for Latin America.
The main use cases ofGenerative AIIn terms of return on investment (ROI), negotiation and portfolio optimization account for 25% of the responses, followed by customer experience and engagement with 21%. These numbers highlight the practical and measurable benefits of AI as it transforms key business areas and generates financial gains.
The report also indicates that half of the interviewed managers have already implemented their first generative AI service or application, and an additional 28% of them still plan to do so within the next six months. Additionally, there was a 50% decline in the number of respondents reporting a lack of budget for AI, suggesting a growing commitment to AI development and resource allocation.
The challenges associated with the initial exploration of AI are also decreasing. The research revealed fewer companies reporting data issues and privacy concerns, as well as a decrease in concern about insufficient data for AI model training. These improvements reflect the growing knowledge and best practices in data management in the sector.
As financial services firms allocate budget and become more savvy in data management, they can better position themselves to leverage AI to improve operational efficiency, security, and innovation across business functions.
Generative AI powers more use cases
After data analysis, generative AI emerged as the second most used AI workload in the financial services sector. The applications of technology have expanded significantly, from improving the customer experience to optimizing trading and portfolio management.
Notably, the use of generative AI for customer experience, especially through chatbots and virtual assistants, more than doubled, increasing from 25% to 60%. This increase is driven by the growing availability, cost efficiency, and scalability of generative AI technologies to power more sophisticated and accurate digital assistants that can enhance customer interactions.
Now, more than half of financial professionals use generative AI to increase the speed and accuracy of critical tasks such as document processing and report generation.
Financial institutions are also poised to benefit fromAI agents- systems that leverage large amounts of data from various sources and use sophisticated reasoning to autonomously solve complex problems in multiple stages. Banks and asset managers can use AI agent systems to enhance risk management, automate compliance processes, optimize investment strategies, and personalize customer service.
Advanced AI drives innovation
Recognizing the transformative potential of AI, companies are taking proactive measures to build AI factories—accelerated computing platforms specially built and equipped with full-stack AI software—through cloud providers or on-premises. This strategic focus on implementing high-value AI use cases is crucial for improving customer service, increasing revenue, and reducing costs.
By leveraging advanced infrastructure and software, companies can accelerate the development and deployment of AI models and position themselves to harness the power of agency AI.
With industry leaders predicting at least double the ROI on AI investments, financial institutions remain highly motivated to implement their highest-value AI use cases to drive efficiency and innovation.
Download thefull reportto learn more about how financial services companies are using accelerated computing and AI to transform business services and operations.
