Financial services firms are constantly seeking new ways to improve their performance and reduce costs, while enhancing their clients’ experiences. As a result, these firms are rapidly adopting AI technologies that can help them achieve these goals.
NVIDIA, a leading provider of AI solutions, has been working with many of the world’s largest financial institutions for several years, and has conducted a survey to gain insights into the industry’s AI priorities for 2023.
The survey, which was taken by nearly 500 financial services professionals, found that nearly half of the respondents’ firms are moving to the hybrid cloud to optimize AI performance and reduce costs.
The survey also revealed that large language models top the list of AI use cases, with natural language processing and recommender systems following closely behind. Banks, trading firms, and hedge funds are adopting these technologies to create personalized customer experiences and to automate financial document analysis and claims processing.
The survey found that AI is having a quantifiable impact on financial institutions. Nearly half of the survey takers said that AI will help increase annual revenue for their organization by at least 10%, and more than a third noted that AI will also help decrease annual costs by at least 10%. However, recruiting and retaining AI experts is the single biggest obstacle, a problem reported by 36% of survey takers.
Despite these challenges, the future of AI in the financial services industry is getting brighter. Increasing executive buy-in for AI is a new theme in the survey results. Financial institutions plan to continue building out enterprise AI in the future, which will include scaling up and scaling out AI infrastructure, hiring more data scientists, and investing in accelerated computing technology to support the training and deployment of AI applications.
The financial services industry has been quick to adopt AI technologies that can help them improve their performance and reduce costs. The survey results show that the industry is particularly interested in large language models, natural language processing, and recommender systems. These technologies are being used to create personalized customer experiences, automate financial document analysis, and prevent fraud.
Recruiting and retaining AI experts remains a significant challenge for the industry, but the survey results suggest that executive buy-in for AI is increasing. Financial institutions are planning to continue building out their enterprise AI capabilities, which will require them to invest in accelerated computing technology and to hire more data scientists.
Overall, the survey results suggest that the financial services industry is embracing AI technologies and that these technologies are having a quantifiable impact on the industry. As such, financial services firms that are not yet using AI may need to start considering its adoption if they wish to remain competitive in the years to come.
Download the “State of AI in Financial Services: 2023 Trends” report for in-depth results and insights.
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