Summary
This report, authored by UK Finance and Accenture, evaluates the adoption of generative AI in financial services, with a focus on practical applications, risk management, and regulatory considerations. It outlines seven prevalent use cases and examines risks associated with integrating AI technology, providing case studies to demonstrate current implementations.
Key Take Aways
Use Cases: AI is applied in areas such as customer service automation, fraud detection, and regulatory compliance.
Adoption Trends: 12% of technology budgets were allocated to generative AI in 2024, expected to rise to 16% in 2025.
Risk Areas: Core risks include data privacy, reliability of outputs, and integration with third-party components.
Human Oversight: Human supervision is central to the successful deployment of AI in critical processes like complaints handling and Know Your Customer (KYC).
ROI Achievements: AI adoption has led to productivity gains of over 30% in areas like complaint resolution ...
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