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GenAI investment can spur ‘co-working’ potential in financial industry, Moody’s says

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Investment in generative artificial intelligence (GenAI) has increased exponentially in the financial services industry to unlock the “co-working” potential of technology, according to Moody’s Corp.

“It is an industry that initially was probably the most nervous due to regulatory uncertainties,” said Cristina Pieretti, general manager for GenAI solutions at Moody’s, a US-headquartered provider of credit ratings and financial insights. “There is growing excitement about the potential for transformative changes that GenAI can bring to the entire industry.”

The highly regulated financial sector was uncertain about what they could and could not do amid GenAI’s popularity after OpenAI launched ChatGPT in November 2022. The situation has improved, with regulators introducing guidelines and use cases expanding to leverage GenAI’s capabilities to enable models to create various contents.
Financial services firms invested around US$35 billion in AI, including GenAI, in 2023, according to data from research firm Statista. They are projected to spend US$126.4 billion in 2028, representing a compound annual growth rate of 29 about per cent.

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Financial services businesses with their data-rich and language-heavy operations are uniquely positioned to capitalise on the developments of AI and have been doing so for years, according to a January white paper by the World Economic Forum and Accenture. The firms are adopting, investing in, and integrating AI more rapidly than other sectors tracked in the paper.

While the existing AI adoption in financial services largely focused on driving efficiency, the attention of business leaders has shifted towards “revenue growth opportunities”, the report said. These include enhancing customer experiences, making products and services more relevant, and empowering cross-selling and upselling, they added.



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