It’s no surprise, therefore, that financial services businesses are exploring, investing in and implementing AI at a faster rate than other industries (see Figure 2). As its early pilots deliver promising outcomes and start to be scaled across the enterprise, the commitment of the industry is only expected to deepen. Financial services firms spent a significant $35 billion on AI in 2023, with projected investments across banking, insurance, capital markets and payments expected to reach $97 billion by 2027.1 AI platforms spend by industry, 2023-2024e Growth in spend, spend/revenues and relative total spend Bubble size: total AI platforms spend (2024e) AI platforms spend/total revenues (2024e)Growth in AI platforms spend (2023-2024e) 0%10%20%30%50%80% 0.00% 0.01% 0.02% 0.03% 0.04% 0.05% 0.06% 0.08%40%70% 60% 0.07% Mining and metalsAutomotive and mobility Consumer industries Chemicals Travel and tourism Advanced manufacturingAviation and aerospace HealthcareFinancial services Media, entertainment and sport Software and platformsHigh techUtilitiesInformation technology Energy...Estimated global AI spend, by industry (2024) FIGURE 2 Source: Accenture Research. Data from Accenture’s G2000 list. AI Platforms spend from IDC (2023-2024e). Revenues from Capital IQ S&P (2023-2024e) As soon as financial services firms started to examine the potential of genAI, it became apparent that the technology could transform processes and practices all the way from back- office operations to front-end customer-facing experiences. Its ability to process and reference large amounts of data efficiently revealed numerous opportunities for automating routine manual tasks in areas such as sales, customer and employee experiences, fraud and risk management, and technology development. In addition, companies are developing or acquiring a variety of AI-powered tools that help employees perform their current roles more efficiently and effectively. It remains to be seen whether there are any financial services tasks that will, in the long run, be unaffected by AI. Artificial Intelligence in Financial Services 8 8 Artificial Intelligence in Financial Services

Artificial Intelligence in Financial Services 2025