Despite the low consumer demand, payment processors, fintechs, and banks are focusing on internal use cases for generative AI. Research from Lucidworks shows that 94% of global financial services respondents plan to increase AI investment in the next year, primarily for internal and business operations improvement. FIS is also developing generative AI for internal use, focusing on operational functions like routing service queries or providing detailed transaction information. Despite economic uncertainties, AI is expected to remain a priority for IT investment due to its potential to reduce overhead and improve user experience.
Key takeaways:
- While companies are investing heavily in generative AI, only 10% of U.S. consumers find AI-generated advice interesting, according to a survey by FIS.
- Payment fintech Marqeta has released two generative AI tools, one for external use and the other for internal, to help build new payment products and speed up internal programming.
- Most companies are focusing on internal use cases for generative AI due to lower consumer demand, with the primary external use being in customer service.
- Despite the economic downturn, AI continues to be popular among companies due to its potential to reduce overhead, with 93% of mortgage professionals believing AI will lead to a reduction in headcount over the next three years.