Around 91 per cent of financial services companies are either assessing AI or already using it, according to a new report from Nvidia.

The research, which surveyed over 400 financial services professionals from around the world, found that the most common use cases of AI include fraud detection, portfolio optimisation, improving efficiency and enhancing customer experience.

The use of generative AI (GenAI) and of large language models (LLMs) has also increased, with 55 per cent of those surveyed saying they were actively seeking GenAI workflows for their firms.

The report says that companies in financial services are using the technology for marketing purposes and synthetic data generation.

Around a third said they were interested in using GenAI for report generation, research and to help them cut down on repetitive manual work.

Three quarters of companies surveyed thought that their AI capabilities were either leading the industry or on a par with their competitors.

The report found that companies are already seeing results from implementing AI. Almost half said AI had improved their operational efficiency, while 43 per cent felt it had helped their business build a competitive advantage.

Almost all of the companies surveyed intend to invest more in AI technology in the near future, with investment in AI having led to reduced costs for 82 per cent of firms.

About a half of firms said that AI would be important to their company’s future success, a 76 per cent increase from the previous year.

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