Financial institutions stand to capture billions in value from generative AI across operations, customer service, and product development — but they face unique challenges in adoption, from regulatory compliance requirements to data security concerns.
To help financial institutions identify genAI companies to pay attention to, we analyzed the genAI vendor landscape and mapped 55 companies serving financial services use cases across 14 markets. Key themes across the map include:
- GenAI companies make it easier for financial institutions to extract value from existing information. For financial services companies sitting on vast troves of data, these capabilities could help them improve access to information for everything from assessing loan applications to making investments.
- GenAI copilots are going after big cost centers for financial institutions. Vendors are offering tools to streamline a broad range of business operations — with a particular focus on marketing, data analytics, and customer support.
- Startups are helping financial institutions safely use genAI by securing their models and the underlying data. These services could help financial institutions comply with stringent data protection regulations when implementing new AI tools — a common barrier to adoption.
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