93% Predict Gen AI to Spark Revolution in FinTech and Financial Services

93 percent of FinTechs believe that Generative AI (Gen AI) is poised to revolutionise the FinTech and financial services sector.

The research has been commissioned by the Gillmore Centre for Financial Technology.

The finding is part of the Gillmore Centre’s report, titled, In the AI of the storm: How UK financial services firms are using AI, polled via independent polling agency Censuswide, which surveyed 250 senior decision makers at UK financial institutions and banks to measure how they felt about the current state of Artificial Intelligence (AI) and its widespread use.

The study reveals that the majority (91 per cent) also foresee Gen AI playing a pivotal role in driving financial democratisation, bringing with it a new era of accessibility and inclusivity.

The findings shed light on the increasing integration of Gen AI into daily operations, with nearly one in five (18 per cent) organisations relying on Gen AI tools every single day. Notably, 29 per cent utilise Gen AI two to three days per week, demonstrating its widespread adoption. However, a small fraction (eight per cent) still refrain from using Gen AI altogether.

A substantial 84 per cent of organisations have already invested in Gen AI tools, with an overwhelming four in five (80 per cent) declaring that further investment in Gen AI ranks as their top organisational priority for the upcoming year.

Ram Gopal, Director of the Gillmore Centre for Financial Technology, said:

“These findings highlight the dynamic landscape of Gen AI adoption, showcasing both its transformative potential and the challenges organisations face in navigating its integration.

“As Gen AI continues to shape the future of financial technology, strategic investments and collaborative efforts are crucial to harness its full potential while addressing concerns and ensuring responsible use of the new technology.

“Guidance on AI adoption should take a collaborative approach, bringing together government, industry and academic research centres to continue exploring the boundaries of the technology in order to maximise its potential, in a safe manner, in our daily lives.”

The diverse applications of Gen AI are evident, with 52 per cent leveraging it for data analysis, making it the most common use;41 per cent employ Gen AI for fraud detection; 35 per cent for research; and 34 per cent for customer service.

The commitment to integrating Gen AI is further emphasised by the fact that almost four in five (78 per cent) organisations have hired dedicated AI specialists to implement and optimise Gen AI technology.

Looking ahead, 79 per cent of organisations prioritise new hires based on their AI skills, indicating a shift in recruitment strategies to align with the demands of the evolving technological landscape.

Despite the enthusiasm surrounding Gen AI, 89 per cent of respondents express a desire for professional assistance to enhance their approach to Gen AI, emphasising the importance of expert guidance in navigating the complex landscape of artificial intelligence.