Most popular AI use cases in financial services globally 2023

According to a survey carried out in 2023, data analytics was the most commonly used AI-enabled application used in the financial services industry in 2023. Based on the survey, 69 percent of the respondents used AI for data analytics, which was followed by data processing. Other common AI use cases were natural language processing and large language models. The adoption of AI in financial businesses increased significantly since 2022, and it is expected to increase even further in the coming years.

The main benefits of AI in the financial services sector

According to a survey carried out in 2023, the primary advantage of AI in the financial services sector was the creation of operational efficiencies. Additionally, 42 percent of respondents cited the creation of a competitive advantage as a main benefit of AI in the industry.

Use of AI in different business segments

In April and May 2022, the most widely used applications of AI in the financial services industry were voice assistants, chatbots, and conversational AI in the customer experience and marketing business segment, and financial reporting and accounting in the operations and finance segment. Marketing personalization and cloud pricing optimization were also among the processes that used AI daily.