A Nvidia survey finds a significant shift in how financial services companies confront challenges in AI adoption.
According to the “State of AI in Financial Services” report, there’s a notable decrease in the obstacles companies face when implementing AI.
In this fifth annual survey, generative AI rises prominently, with usage jumping from 40% to over half of the respondents compared to the previous year.
The technology, which allows creation of new text, images, and 3D models based on inputs, is not only refining existing applications but also spearheading new services and solutions across the finance sector, according to Nvdiai.
The report gathered insights from about 600 global financial services professionals, revealing increased investments in AI infrastructure, with a staggering 98% of management planning to boost spending on AI in 2025.
The focus for these investments lies heavily on computing infrastructure, with industry players setting up AI factories — accelerated computing platforms processing massive datasets into valuable AI models.
Moreover, respondents indicated a significant reduction in budgetary and data issues related to AI, with this year marking a 50% decline in reported financial constraints.
Companies like PayPal are leveraging AI to refine their data processing capabilities, achieving a 70% reduction in cloud costs and a 35% decrease in runtime by upgrading their AI frameworks.
As AI applications broaden within the financial sector, they cover a range from trading and banking to cybersecurity, with increasing interest in AI-driven environmental and governance initiatives.
AI’s role has matured, especially in data analytics and generative AI workloads, which are integral for detecting fraud, personalizing services, and managing investment risks.
As companies refine their focus from exploration to the strategic deployment of AI, it becomes clear that the industry is beginning to cement its reliance on AI as a pivotal business asset.