Financial services' AI appetite grows, study says

Top uses for AI in the financial services sector include'next-best action' systems; portfolio optimization; and fraud detection. The recent attention showered on ChatGPT, the natural- language processing tool developed by Microsoft-backed OpenAI that can reportedly mimic advanced conversations and writing tasks, was likely not lost on CFOs. Financial executives are increasingly aware that they must strike a delicate balance between supporting C-suite enthusiasm for AI initiatives while conserving scarce resources. AI's long-term potential, however, is leading executives to prioritize it, according to a study released by tech firm Nvidia this month. The percentage of financial services executives surveyed who said their executive leadership teams value and believe in AI has more than doubled to 64% from 36% of those polled last year, the Santa Clara, Calif.-based Nvidia reported.