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Embedded GenAI Software Adds Momentum to Adoption in Financial Services, But Key Questions Remain Unanswered

Publisher IDC
Published Aug 02, 2024
Length 9 Pages
SKU # IDC19039335

Description

Embedded GenAI Software Adds Momentum to Adoption in Financial Services, But Key Questions Remain Unanswered


This IDC Perspective highlights the transformative potential of generative AI (GenAI) in the financial services software arena. GenAI is rapidly transforming the financial services sector, promising to enhance automation, productivity, and customer experience. However, its adoption is tempered by concerns over security, privacy, ROI, and talent shortages. Financial institutions are encouraged to focus on use cases with clear business value, amid challenges such as job automation, mental health impacts, and environmental concerns. The industry faces a cautious journey ahead, balancing GenAI's potential against its risks and ethical considerations. Partners will play a crucial role to accelerate and derisk this journey."GenAI in financial services offers huge untapped potential and uncharted risks. Calibrating the careful balance between the needs of the organization, employees, customers, and regulators will draw the most attention, risks, and resources. Calibrate wisely," said Tom Zink, senior research director, IDC.

Please Note: Extended description available upon request.

Table of Contents

9 Pages

Executive Snapshot

Situation Overview

FSIs Are Showing Caution in GenAI Adoption

With Great Opportunity Comes Great Responsibility

Automation of Entry-Level Jobs

Stress Levels will Increase Further

AI will Augment Employees, not Automate Them

Digitalization has Led to More Jobs, not Less — AI will be the Same

Resilience and Reliability

Privacy and Bias

GenAI Opens New Threat Vectors for Financial Institutions

The Environmental Impact of AI may Counter ESG Efforts and Increase Energy Consumption

An Overview of Recent Announcements of GenAI-Embedded FSI Software Solutions

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