A new report on the use of Generative AI ( GenAI ) in banking finds that financial services leads other industries in implementing the technology . A recent survey found that 17 % of banking leaders have fully integrated GenAI into their regular processes . Further , three in five currently use GenAI to some degree – and nearly all the rest plan to begin soon . Obstacles remain , led by data privacy and security concerns . But the study confirmed that banks are already realising GenAI gains across the business . he report , Your journey to a GenAI future : A strategic

T path to success in banking , is based on findings from a global , cross-industry survey by data and AI leader SAS and Coleman Parkes Research . Among 1,600 business leaders surveyed in 20 countries , 243 were senior banking execs who are decision makers on their organisation ’ s GenAI strategy . Their insights offer an insider ’ s look at how banks are implementing GenAI , their biggest challenges , and how banking compares to industries like insurance , the public sector , health care , manufacturing , retail and more .

“ GenAI is obviously a major trend across sectors right now , but maybe most significantly in financial services ,” said Alex Kwiatkowski , Director of Global

Financial Services at SAS . “ Our survey found that banks , along with insurers , are currently using GenAI at higher rates than other industries . Among the many benefits early adopters are seeing , one of the most oft cited by banking leaders is in risk management and compliance , where nearly nine in 10 reported improvements after deploying GenAI .”

Banks are all in on AI , with the budgets to prove it

The interest rates on savings accounts and loan applications may be ticking downward , but banks ’ interest in generative AI is as high as ever . In fact , it ’ s nearly unanimous , with 98 % of banking respondents either already using GenAI ( 60 %, tied with insurance for the highest www . intelligentfin . tech

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