Abstract
Over the past year, generative AI (Gen AI) has gone from moonshot to reality. What does this mean for financial institutions? To sketch out a picture of this new reality, Celent sought out the point-of-view of AI technology providers. Between September and October 2023, Celent distributed an online survey to technology platform and service providers that support FIs in insurance, banking, and capital markets. We queried them on their initiatives and investment priorities, the anticipated competitive advantage, and perspective on areas that will be positively impacted. In addition, we asked them to take the lens of their FI customers and rate employee and customer-facing use cases. Lastly, in recognition of the risks of developing and implementing Gen AI, we asked them to rank their concerns, challenges, and factors leading to success.