target audience: TECH BUYER Publication date: Aug 2024 - Document type: IDC Perspective - Doc Document number: # EUR152442224
Embedded GenAI Software Adds Momentum to Adoption in Financial Services, But Key Questions Remain Unanswered
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Abstract
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.