Artificial Intelligence in Financial Services 2025

1. Statista. (2024). Estimated value of the financial sector’s AI spending worldwide in 2023, with forecasts from 2024 to 2027. https://www.statista.com/statistics/1446037/financial-sector-estimated-ai-spending-forecast/. 2. Gartner. (2024). Hype Cycle for Payment Innovation in Banking. https://www.gartner.com/ document/5627591?ref=solrAll&refval=426092725&#cppdip.814129. 3. Fintech Global. (2024). Cytora engaged by Chubb to enhance claims automation. https://fintech.global/2024/03/04/cytora-engaged-by-chubb-to-enhance-claims-automation/#:~:text=Cytora%2C%20 a%20leading%20InsurTech%20company,the%20need%20for%20manual%20intervention. 4. Roach, J. (2024). How AI makes developers’ lives easier, and helps everybody learn to develop software. Microsoft. https://news.microsoft.com/source/features/ai/how-ai-makes-developers-lives-easier-and-helps-everybody-learn-to- develop-software/. 5. Accenture. (2024). Pulse of Change survey, May 2024. https://www.accenture.com/us-en/insights/pulse-of-change. 6. Merritt, R. (2023). What is Retrieval-Augmented Generation, aka RAG? Nvidia blogs. https://blogs.nvidia.com/blog/what-is-retrieval-augmented-generation/. 7. OpenAPIHub. (2024). Introduction to Agentic AI and Agentic Workflow. OpenAPIHub blog. https://blog.openapihub.com/en-us/introduction-to-agentic-ai-and-agentic-workflow/#what-is-agentic-ai. 8. To read more about AI agents please see: World Economic Forum. (2025). Frontier Technologies in Industrial Operations: The Rise of Artificial Intelligence Agents. 9. Wolf, M. (2024). Enabling Quantum Computing with AI. Nvidia Technical Blog. https://developer.nvidia.com/blog/enabling-quantum-computing-with-ai/. 10. Parker, D. (2023). Fintechs and Bigtechs Share the Spoils as Gen AI Reshapes Financial Services. Forbes. https://www.forbes.com/sites/davidparker/2023/11/02/fintechs-and-bigtechs-share-the-spoils-as-gen-ai-reshapes- financial-services/. 11. Accenture. (2024). Pulse of Change survey, May 2024. https://www.accenture.com/us-en/insights/pulse-of-change-may-2024. 12. To read more about AI and talent transformation across all industries, please see: World Economic Forum. (2025). AI in Action: Beyond Experimentation to Transform Industry. 13. To read more about the impacts of AI on jobs more generally, please see: World Economic Forum. (2023). Jobs of Tomorrow: Large Language Models and Jobs. https://www.weforum.org/publications/jobs-of-tomorrow-large-language- models-and-jobs/. 14. Gartner. (2023). The Future of AI in Banking: Vision For 2027. https://www.gartner.com/document/4695599?ref=hp- discovery&reqid=d425a027-bd37-413e-a00e-0eb5a09c7317. 15. World Economic Forum. (2024). These are the 3 biggest emerging risks the world is facing. https://www.weforum.org/agenda/2024/01/ai-disinformation-global-risks/. 16. Accenture. (2024). Accenture Invests in Reality Defender to Help Fight Deepfake Extortion, Fraud and Disinformation. https://newsroom.accenture.com/news/2024/accenture-invests-in-reality-defender-to-help-fight-deepfake-extortion- fraud-and-disinformation. 17. Chen, H. and Magramo, K. (2024). Finance worker pays out $25 million after video call with deepfake ‘chief financial officer’. CNN World. https://edition.cnn.com/2024/02/04/asia/deepfake-cfo-scam-hong-kong-intl-hnk/index.html . 18. US Government Accountability Office. (2024). Science & Tech Spotlight: Combating Deepfakes. https://www.gao.gov/products/gao-24-107292. 19. US Government Accountability Office. (2024). Science & Tech Spotlight: Combating Deepfakes. https://www.gao.gov/products/gao-24-107292. 20. To read more about AI and countering the spread of disinformation, please reference the World Economic Forum AI report [https://www.weforum.org/stories/2024/06/ai-combat-online-misinformation-disinformation/. 21. Nvidia. (2024). State of AI in Financial Services: 2024 Trends. https://resources.nvidia.com/en-us-2024-fsi-survey/ai-financial-services?ncid=no-ncid. 22. Monetary Authority of Singapore. (2022). MAS-led Industry Consortium Publishes Assessment Methodologies for Responsible Use of AI by Financial Institutions. https://www.mas.gov.sg/news/media-releases/2022/mas-led-industry- consortium-publishes-assessment-methodologies-for-responsible-use-of-ai-by-financial-institutions. 23. European Parliament: Topics. (2023). EU AI Act: first regulation on artificial intelligence. https://www.europarl.europa.eu/ topics/en/article/20230601STO93804/eu-ai-act-first-regulation-on-artificial-intelligence. 24. The White House. (2023). President Bidens AI Executive Order. https://www.whitehouse.gov/briefing-room/statements-releases/2023/10/30/fact-sheet-president-biden-issues- executive-order-on-safe-secure-and-trustworthy-artificial-intelligence/.Endnotes Artificial Intelligence in Financial Services 25