Based on the results of a Censuswide survey of over 500 C-level decision makers in banking and insurance, this paper explores financial institutions’ perception of GAI; if, where, and how they are adopting the technology; what the real-world impact is on their businesses to date; and the long-term implications they see for their sectors.
Key findings include:
- Most institutions aren’t yet using GAI, but more than 50% of the biggest firms are.
- The desired impact of GAI is a three-way tie between increased personalization, reduced product R&D, and accelerated development timelines.
- A fifth of the workforce is at risk of losing their jobs to GAI.
- Two-thirds of institutions expect GAI to boost revenues by 10-30% over three years.
- Banks want to build their own GAI tech; insurers would prefer to buy it.
To find out more, download the full report.