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Generative Artificial Intelligence: The Technology Polarizing the Financial Services Industry

The prevailing sentiment surrounding GAI is one of polarization: the technology is equally viewed as friend and foe.

Kyla Reed

16 April 2024

SME Insurance

Banking

Customer Experience

Digital Transformation

Innovation

Insurance

Technology

Survey respondents can’t agree on whether GAI is friend or foe, how its implementation should be approached, the obstacles likely to impede its progress, how it will impact the business, or who should own GAI within the institution. The few points respondents agree on are that every institution is investing in GAI, they expect to see major revenue uplift by adopting it, and that the technology will result in significant reduction in headcount.

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Based on the results of a Censuswide survey of over 500 C-level decision makers in banking and insurance, this paper explores financial institutions’ perception of GAI; if, where, and how they are adopting the technology; what the real-world impact is on their businesses to date; and the long-term implications they see for their sectors.

Key findings include:

Most institutions aren’t yet using GAI, but more than 50% of the biggest firms are.
The desired impact of GAI is a three-way tie between increased personalization, reduced product R&D, and accelerated development timelines.
A fifth of the workforce is at risk of losing their jobs to GAI.
Two-thirds of institutions expect GAI to boost revenues by 10-30% over three years.
Banks want to build their own GAI tech; insurers would prefer to buy it.

To find out more, download the full report.

Survey respondents can’t agree on whether GAI is friend or foe, how its implementation should be approached, the obstacles likely to impede its progress, how it will impact the business, or who should own GAI within the institution. The few points respondents agree on are that every institution is investing in GAI, they expect to see major revenue uplift by adopting it, and that the technology will result in significant reduction in headcount.

Download the report