target audience: TECH SUPPLIER Publication date: Dec 2023 - Document type: IDC Survey Spotlight - Doc Document number: # US51435423
Generative AI Making Quick Headway in North American Banks
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Abstract
This IDC Survey Spotlight examines how generative AI (GenAI) is making quick headway in North American banks. A little over a year ago, generative AI was a relatively unknown technology, but in IDC Financial Insights' November 2023 North America Banking Technology Survey, institutions are leaning heavily into implementing GenAI solutions into their infrastructure and operations. In IDC's September 2023 Future Enterprise Resiliency and Spending Survey, 24% of financial institutions worldwide, including banking, insurance, and investment firms, cited "significant investments" in GenAI, with another 39% doing some initial testing and proof-of-concept projects. At this rate, the adoption of GenAI is proceeding at a faster pace than even cloud, albeit with arguably more concerns about data security, privacy, and the accuracy of its models.
"This time around there will be a very small 'hype' window between concept and implementation compared with other technologies as banks will leverage generative AI as quickly as their resources will allow," says Jerry Silva, program vice president of IDC Financial Insights. "The industry will undoubtedly soon face a race between banks using GenAI in every area of their lines of business, operations, and IT and the industry's regulatory bodies that are trying to keep up with the implications of the technology and its effect on consumers of banking services."