Gen AI revolutionises FinTech

30/11/2023

A staggering 93% of FinTechs anticipate that Generative AI (Gen AI) is on the brink of revolutionising the FinTech and financial services sector, says a survey conducted by Gillmore Centre for Financial Technology. The study, titled “In the AI of the storm: How UK financial services firms are using AI,” sheds light on the sentiments of 250 senior decision-makers at UK financial institutions and banks.

Among the key findings, an overwhelming 91% believe that Gen AI will play a pivotal role in driving financial democratisation, ushering in a new era of accessibility and inclusivity. The results highlight the increasing integration of Gen AI into daily operations, with 18% of organisations relying on Gen AI tools every day, and an additional 29% utilising them two to three days per week.

Despite the widespread adoption, there is still a small fraction (8%) refraining from using Gen AI altogether. However, an impressive 84% of organisations have already invested in Gen AI tools, and 80% declare that further investment in Gen AI ranks as their top organisational priority for the upcoming year.

Ram Gopal, Director of the Gillmore Centre for Financial Technology, emphasised the dynamic landscape of Gen AI adoption, showcasing both its transformative potential and the challenges organisations face in navigating its integration. He stressed the need for strategic investments and collaborative efforts to harness Gen AI’s full potential while ensuring responsible use.

The survey revealed diverse applications of Gen AI, with 52% using it for data analysis, making it the most common application. Additionally, 41% employ Gen AI for fraud detection, 35% for research, and 34% for customer service.

The commitment to integrating Gen AI is evident, with 78% of organisations hiring dedicated AI specialists to implement and optimise Gen AI technology. Looking ahead, 79% prioritise new hires based on their AI skills, reflecting a shift in recruitment strategies to align with the demands of the evolving technological landscape.

Despite the enthusiasm surrounding Gen AI, 89% of respondents express a desire for professional assistance to enhance their approach, emphasising the importance of expert guidance in navigating the complex landscape of artificial intelligence.

The findings underscore the transformative impact of Gen AI in reshaping the financial landscape, urging organisations to invest strategically and collaboratively to harness its full potential responsibly.

For the complete report, visit Gillmore Centre for Financial Technology.

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