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1、GEN AI WILL ACCELERATE FINANCE FIRMS ABILITY TO COMPETE Google Cloud Survey Shows Banks Ready to Embrace AIeBook Gen AI Will Accelerate Finance Firms Ability to Compete This was reinforced by internal research into Gen AI-led productivity benefits conducted by SoftServe data science teams.These show

2、ed a 31%reduction in the time needed to bring new capabilities to market and a 45%increase in output when deploying Gen AI.The study engaged more than 1,000 technicians to run 1,500 experiments on over 100 use cases in seven countries.Bank Support for AI BoomsWill financial institutions achieve the

3、transformative opportunities open to them if they embrace Generative AI(Gen AI)to automate business processes,energise data,and fortify decision-making?According to a recent survey by Google Cloud1 the answer is a resounding“YES”as some 92%of the banking executives questioned not only said there is

4、high demand for Gen AI within the banking sector,but 95%believed it has the potential to transform the industry.At its most fundamental Gen AI is also expected to make banks and insurers more competitive by enriching the way they interact with customers to build loyalty and grow revenues.Bankers are

5、 not only beginning to understand this opportunity,but it looks like they are putting their money where their mouths are.Some 40 percent of respondents said Gen AI deployment will require a 26%-50%increase in their IT budgets over the next 1-2 years.While we know that banks and insurers are already

6、concerned about IT costs,it appears that extra money is expected to be largely self-financed from the increased ROI and reduced TCO that Gen AI will deliver.Some 49%of the banking executives surveyed said the top benefit Gen AI can bring is increased operational efficiency and cost savings.Specifica