1、GENERATIVE AIRADARFINANCIAL SERVICES Generative AI Radar Financial services|3External Document 2024 Infosys Limited Generative AI Radar Financial ServicesGenerative AI is still new,yet enterprises are already exploring its transformative potentialThis year will bring further developments in generati
2、ve AI as organizations get to grips with it.Through this study we aimed to uncover how companies use generative AI,how much they spend on it,how its rolled out in organizations large and small,and where it makes an impact.We looked at 3,000 companies across 12industries:Automotive Consumer package g
3、oods Energy,mining,and utilities Financial services Healthcare High tech Insurance Life sciences Logistics and supply chain Manufacturing Retail and hospitality TelecommunicationsMany companies told us they are already spending significant sums of money-and are set to spend more this year.However,th
4、is pattern isnt the same across sectors.In this data book we highlight how financial services compares with the rest of thepack.4|Generative AI Radar Financial servicesExternal Document 2024 Infosys Limited Generative AI spending is steaming aheadFinancial services generative AI spending projected t
5、o more than double in the next yearFinancial services spending is set to grow by 164%in 2024 Financial services(FS)spent$1 billion on generative AI in 2023.This is projected to grow to$2.6 billion in 2024.This ranks FS behind only insurance and automotive in spending growth.Financial services genera
6、tive AI spendingExpected generative AI spending growth in 2024 by industrySpending in billions($USD)20232024164%Reported spendExpected spend$0$1$2$3$1.0$2.6TelecommunicationsRetail and hospitalityManufacturingLogistics and supply chainLife sciencesInsuranceHigh techHealthcareFinancial servicesEnergy
7、,mining,and utilitiesConsumer packaged goodsAutomotive32%88%103%73%36%358%135%53%164%76%65%169%IndustryExpected generative AI spending growth in 2024Generative AI Radar Financial services|5External Document 2024 Infosys Limited Financial services firms create business value with generative AIHowever
8、,FS remains cautious,trailing other sectors in value creation andimplementation to continue to experimentNearly all FS companies started their generative AI journey in 2023 89%of the financial services industry has started experimenting with generative AI.16%have use cases that create business value
9、.More FS companies are experimenting with generative AI A higher percentage(39%)of FS companies are experimenting with generative AI than the overall sample(31%).Generative AI adoption by proportion of respondentsRespondents(%)Financial servicesTotal sampleDoes not have generative AI initiativesand
10、doesnt plan to implementDoes not have generative AI initiativescurrently but is planning to implementIs experimenting with generative AIand/or defning proofs of conceptHas implemented,or is currentlyimplementing,generative AI solutionsHas established generative AI usecases that create business value
11、16%34%39%10%1%0%13%40%31%15%Increasing generative AI adoption levelNote:Percentage numbers do not add up to 100%because of rounding.6|Generative AI Radar Financial servicesExternal Document 2024 Infosys Limited User experience optimism is high for financial servicesFS companies outstrip other sector
12、s with high hopes for user experience and personalizationFS industry is more optimistic about generative AIs impact on user experience 37%of FS companies believe generative AI will have a positive impact on user experience and personalization slightly higher than the overall trend(31%).Where compani
13、es expect generative AI to have the most positive impactRespondents(%)Financial serviesTotal sampleStreamlined productdevelopment and designIncreased operationalefciency and automationImproved contentgeneration and creativityEnhanced user experienceand personalization26%27%37%31%16%19%21%24%Note:Per
14、centage numbers do not add up to 100%because of rounding.Generative AI Radar Financial services|7External Document 2024 Infosys Limited Generative AI Radar Financial services|7External Document 2024 Infosys Limited 8|Generative AI Radar Financial servicesExternal Document 2024 Infosys Limited Financ
15、ial services less negative than other sectors on impactFS has a strongly positive sentiment toward generative AIThe FS industry is positive about generative AIs impact on business 79%of FS companies believe generative AI will have a positive impact on business.Only 4%of FS expressed a negative senti
16、ment,less than the overall trend(8%).Expected generative AI impact on business areas by proportion of respondentsRespondents(%)NegativeNeutralPositiveFinancial servicesTotal sample79%76%17%17%8%4%Note:Percentage numbers do not add up to 100%because of rounding.Generative AI Radar Financial services|
17、9External Document 2024 Infosys Limited Financial services more worried about skills than the overall trendData privacy and security concerns top list of worries about generative AI for the industryData privacy is the top barrier 30%of FS companies ranked data privacy as their top barrier to generat
18、ive AI adoption.Lack of skills is a bigger obstacle for FS 16%of FS companies reported lack of skills as an obstacle to generative AI adoption,statistically higher than the overalltrend(11%).Obstacles to generative AI adoption by proportion of respondentsRespondents(%)Financial serviesTotal sampleDa
19、ta privacy and securityConcerns about ethics,bias,fairness,safetyData not in a usable stateLack of skills,knowledge,or resourcesLack of investmentC-suite buy-inCant access generative AI tool from corporate computers30%30%22%21%20%22%16%11%5%8%3%6%2%2%Note:Percentage numbers do not add up to 100%beca
20、use of rounding.10|Generative AI Radar Financial servicesExternal Document 2024 Infosys Limited Confidence in ability to manage and control generative AI systemsSectors confidence about generative AI management is on trendFS companies are confident in their generative AI management 74%of FS is posit
21、ive in their ability to manage generative AI,much like the overall trend.Only 5%of FS expressed a negative sentiment.Confidence in ability to manage generative AI systems by proportion of respondentsRespondents(%)NegativeNeutralPositiveFinancial servicesTotal sample74%22%5%72%23%5%Note:Sentiment on
22、confdence in managing generative AI systems.Percentage numbers do not add up to100%because of rounding.Generative AI Radar Financial services|11External Document 2024 Infosys Limited Generative AI Radar Financial services|11External Document 2024 Infosys Limited 12|Generative AI Radar Financial serv
23、icesExternal Document 2024 Infosys Limited CIOs are main sponsors of generative AI in financial servicesBut FS firms are more willing to let business unit chiefs lead on generative AICEOs sponsor generative AI initiatives more often 18%of FS companies report that the CEO primarily sponsors generativ
24、e AI,compared with 9%of the overallsample.More FS business unit leaders sponsor generative AI initiatives For 16%of FS,a business unit leader is the primary sponsor of generative AI initiatives,compared with only 9%of the overall trend.Primary sponsor of generative AI initiatives by proportion of re
25、spondentsChief information ofcerChief executive ofcerLeader of a business unitChief operating ofcerCybersecurity/chief information security ofcerBoard of directorsTo be determinedChief marketing ofcer30%29%18%9%16%9%9%11%10%10%10%3%1%4%13%17%Respondents(%)Financial servicesTotal sampleNote:Percentag
26、e numbers do not add up to 100%because of rounding.Generative AI Radar Financial services|13External Document 2024 Infosys Limited Generative AI governance comes from on highGovernance in FS is most likely led by CIOsor boards of directorsCIOs and boards govern generative AI most often FS CIOs(25%)a
27、nd boards of directors(24%)define generative AI policies mostoften.Fewer FS companies without generative AI governor in place Only 3%of FS respondents havent determined who governs generative AI,compared with 13%of the overalltrend.Primary generative AI policy maker by proportion of respondentsChief
28、 information ofcer or otherwise within itBoard of directorsCybersecurity/chief information security ofcerWithin business units and individual product ownersChief operating ofcerLegalTo be determinedRespondents(%)Financial servicesTotal sample25%25%24%22%18%16%18%13%13%7%5%5%5%3%Note:Percentage numbe
29、rs do not add up to 100%because of rounding.14|Generative AI Radar Financial servicesExternal Document 2024 Infosys Limited External Document 2024 Infosys Limited About Infosys Knowledge InstituteThe Infosys Knowledge Institute helps industry leaders develop a deeper understanding of business and te
30、chnology trends through compelling thought leadership.Our researchers and subject matter experts provide a fact base that aids decision making on critical business and technology issues.To view our research,visit Infosys Knowledge Institute at or email us at .16|Generative AI Radar Financial service
31、sExternal Document 2024 Infosys Limited 2024 Infosys Limited,Bengaluru,India.All Rights Reserved.Infosys believes the information in this document is accurate as of its publication date;such information is subject to change without notice.Infosys acknowledges the proprietary rights of other companie
32、s to the trademarks,product names and such other intellectual property rights mentioned in this document.Except as expressly permitted,neither this documentation nor any part of it may be reproduced,stored in a retrieval system,or transmitted in any form or by any means,electronic,mechanical,printing,photocopying,recording or otherwise,without the prior permission of Infosys Limited and/or any named intellectual property rights holders under this document.For more information,contact I|NYSE:INFYStay Connected
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