Drew Propson Head, Technology and Innovation in Financial Services, World Economic Forum David Parker Global Financial Services Industry Practices Chair, AccentureForeword Artificial intelligence (AI) – and particularly generative AI (genAI) – soared to the top of the agenda for businesses, policy-makers and other stakeholders in 2024. There was no shortage of discussion across various forums about the technology’s profound impact and the potential direction of future policy frameworks; nevertheless, the World Economic Forum, responding to the increasing interest in the evolution of AI, launched its own dialogue series within the financial services sector. The aim was to explore a fundamental question: how might this technology not only influence the strategic direction of individual financial institutions, but also transform the entire financial services landscape in the years to come? Over the course of 2024, the Forum brought together over 100 experts representing more than 50 financial services organizations to begin addressing this critical question. In addition to banks, input was sought from across insurance, asset management, the investor ecosystem and key fintech (financial technology) players to allow for an exchange of perspectives and best practices around a technology that was developing so rapidly that many organizations felt overwhelmed. Beyond virtual meetings, stakeholders from the private sector participated in Forum-led roundtables in London, New York and Bangkok where they debated both the transformative opportunities AI offers and how business and society could most responsibly manage the concurrent risks AI is presenting. This paper, a collaborative effort between the World Economic Forum and Accenture, represents an initial attempt to synthesize key insights from the dialogue series, alongside supporting desk research. We hope this paper will serve as a valuable resource for a broad range of stakeholders across the financial services ecosystem, and will inspire further examination of AI’s potential within the sector. This work is part of the Forum’s AI Governance Alliance (AIGA) – a 500-member group focused on fostering the inclusive, ethical and sustainable use of AI for the benefit of all. Looking ahead, we are eager to build on the insights from this paper in the coming year, as we lead a deeper exploration of the future of financial services in the era of AI.Andre Belelieu Head, Financial Services Industries, World Economic Forum Artificial Intelligence in Financial Services January 2025 Artificial Intelligence in Financial Services 4

Artificial Intelligence in Financial Services 2025