Financial services firms embrace Generative AI

Financial Services leaders are looking to Generative AI (GenAI) to navigate the complexities of today's business landscape, driven by technological innovation, evolving client expectations, and regulatory demands. A KPMG GenAI survey¹ reveals that 20% of FS organizations are integrating GenAI deeply into their operations, with 17% focusing on upskilling their workforce to leverage GenAI for transformative outcomes.

According to the KPMG US Banking Industry Outlook Survey², 60% of banks plan to use GenAI to bridge talent gaps and automate up to 20% of daily tasks. This increased adoption of GenAI is expected to boost efficiency, improve decision making, and enhance customer experiences by automating tasks and providing data-driven insights.

A significant 84% of FS leaders anticipate increasing their investment in GenAI, aiming to extend its application and introduce it into new functions. This investment is motivated by the potential for GenAI to increase productivity and free staff for more strategic work, with 51% of leaders prioritizing upskilling for their teams.

Customer experience is also set to improve, with 55% of leaders expecting GenAI to enhance service and 52% seeing its potential to personalize customer interactions. Banks are focusing on online and mobile channels, with 54% investing in data-driven insights and personalized services to meet customer needs better.

As FS organizations embrace GenAI, they stand at the brink of a profound transformation, poised to thrive in the new era by leveraging GenAI to create value for customers and stakeholders.

¹ Source: KPMG LLP, “KPMG Survey: GenAI Dramatically Shifting How Leaders Are Charting the Course for Their Organizations” (August 15, 2024)
² Source: KPMG LLP, “2024 U.S. Banking Industry Outlook Survey. Future-proofing banking: The enterprise transformation imperative” (2024)