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Global Financial Sector Embraces AI: 2024 Adoption Index Launch

Author

Slice of Finance Team
01 Nov

Key Highlights:

  • AI Adoption Surge: 167 of 221 top financial firms globally have adopted AI since 2023, transforming service delivery.

  • Generative AI at the Forefront: 46% of firms are integrating generative AI into customer-facing products.

  • Public and Private Divide: Public firms lead announcements, while private companies focus on revenue-driven AI applications.

  • Top Players: Block, Intuit, J.P. Morgan, Chime, and Stripe lead AI initiatives, with Block embedding AI across Square.

Notable Quotes:

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“Some technologies shift the goalposts—AI is changing the game…we are deeply grateful to the Acrew team for their incredible efforts in bringing this endeavor to fruition.”

Scarlett Sieber, Chief Strategy Officer at Money20/20
❝

“For a while now, I have had a sneaking suspicion that AI might be the cataclysmic technology that forces our industry to rebuild from the ground up...today, that changes.”

Lauren Kolodny, Co-founder & Managing Partner at Acrew Capital

Our Take:

The launch of the “ALL IN ON AI: Financial Services Adoption Index 2024” at Money20/20 underscores AI’s position as a strategic linchpin in financial services. Notably, generative AI’s integration into nearly half of these firms’ customer-facing products demonstrates its potential to reshape client interaction and service delivery, particularly as top firms use AI to drive growth, efficiency, and regulatory compliance. Public companies are more vocal about their initiatives, likely to signal technological leadership, while private firms aggressively target revenue opportunities through agile AI applications. With AI-native startups poised to address gaps in fraud and wealth management, the sector is on the cusp of a transformative era, with significant innovation anticipated in the coming years.