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New research from Nvidia suggests the financial industry’s investment in AI is starting to pay off.
Nearly 70% of respondents to Nvidia’s fifth annual State of AI in Financial Services report said that AI has driven revenue up by 5% or more, with a significant rise in those seeing a 10% to 20% revenue boost.
At the same time, more than 60% of respondents said AI helped reduce annual costs by 5% or more.
Half of management respondents said they have deployed their first generative AI service or application, with an additional 28% planning to do so within the next six months.
Meanwhile, there there was a 50% decline in the number of respondents reporting a lack of AI budget.
“As financial services firms allocate budget and grow more savvy at data management, they can better position themselves to harness AI for enhanced operational efficiency, security and innovation across business functions,” Nvidia said.
After data analytics, generative AI emerged as the second-most-used AI workload in the financial services industry. More than half of financial professionals surveyed said they were using generative AI to enhance speed and accuracy for tasks such as document processing and report generation.
“Notably, the use of generative AI for customer experience, particularly via chatbots and virtual assistants, has more than doubled, rising from 25% to 60%,” Nvidia said.
“This surge is driven by the increasing availability, cost efficiency and scalability of generative AI technologies for powering more sophisticated and accurate digital assistants that can enhance customer interactions.”
Off the back of seeing the benefits of AI in their business, nearly a quarter of respondents said they plan to use AI to create new business opportunities and revenue streams.
“Recognising the transformative potential of AI, companies are taking proactive steps to build AI factories – especially built accelerated computing platforms equipped with full-stack AI software – through cloud providers or on premises,” Nvidia said.
“This strategic focus on implementing high-value AI use cases is crucial to enhancing customer service, boosting revenue and reducing costs.
“By tapping into advanced infrastructure and software, companies can streamline the development and deployment of AI models and position themselves to harness the power of agentic AI.”
