Kin + Carta: AI for financial services is still in ‘early stages’

Exclusive insights from Kin + Carta reveal that most financial services institutions are just starting to get involved generative artificial intelligence (Gen AI).

The company’s new research finds that only one in seven (14%) believe AI is currently integrated into their business business strategyalong with 26% of respondents admitting they are in the early stages of exploring use cases.

Meanwhile, while nearly half (43%) have a small number of proof-of-concept (POC) projects in development, while only about one in six (17%) say they currently have key AI initiatives in production.

The findings highlight that while interest in adopting Gen AI within banks is increasing, financial institutions still face regulatory and security challenges.

The importance of clear AI implementation strategies

Currently, banking customers are open to AI in some use cases – such as fraud detection and efficiency reasons – but are concerned about potential risks such as data breaches. As a result, banks were statistically slower to adopt technology and they are often unsure of the best strategic path to take.

More generally, while companies around the world are eager to get the latest AI models, they can often be unsure about how to actually implement the technology, which can lead to security issues and widen concerns about the gap. of skills in the future.

Kin + Carta’s findings highlight how financial services would now benefit from meaningful reflection on their AI strategy. As a result, companies can offer more personalized financial experiences and thus avoid missing out on the early benefits of adopting AI.

Likewise, having a clear AI strategy can lead to benefits such as greater efficiency, better customer experience and a competitive advantage.

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