A new study from financial software provider Finastra has revealed that 37 per cent of financial institutions have improved or deployed artificial intelligence technology in the past 12 months, a seven per cent increase from 2022.
The study, Financial Services State of the Nation Survey 2023, also revealed that 83 per cent of the 956 professionals surveyed believe their institution is interested in generative AI.
When asked about the intended use cases for generative AI, survey respondents shared that that they would use it to collect and analyse data for environmental, social and governance purposes (36 per cent), automate manual tasks (34 per cent) and enhance IT operations (33 per cent).
The research also highlighted that banking as a service has grown in significance over the past year, with deployment of these solutions growing by 37 per cent. The countries with the highest rate of adoption in the past year are the USA (64 per cent), Vietnam (55 per cent) and Saudi Arabia (53 per cent).
Read the full report on the Finastra website.