Most popular AI workloads in financial services globally 2023-2024
Data analytics maintained its position as the leading AI application among financial services firms in 2024. A 2024 industry survey indicated that 57 percent of companies leveraged AI for data analytics, showing modest growth from the previous year. Generative AI experienced the strongest year-over-year adoption increase, becoming the second most widely used AI technology, with more than half of firms either implementing or evaluating the technology. Reflecting this growing embrace of AI solutions, the financial sector's investment in AI technologies continues to surge, with spending projected to reach over 58 billion U.S. dollars in 2025 and more than double to 126 billion U.S. dollars by 2028.
The main benefits of AI in the financial services sector
Financial services firms reported that AI delivered the greatest value through operational efficiencies, according to a 2024 industry survey. The technology also provided significant competitive advantages, cited by 42 percent of respondents as a key benefit. Enhanced customer experience emerged as the third most important advantage of AI adoption in the sector.
Adoption across business segments
The integration of AI varies across different areas of financial services. In 2023, operations lead the way with a 48 percent adoption rate, closely followed by risk and compliance at 45 percent. In customer experience and marketing, voice assistants, chatbots, and conversational AI are the most common AI applications. Meanwhile, financial reporting and accounting dominate AI use in operations and finance.
