BCG analyzed the prospects for using the technology in the Fin. market.

It is noted that AI has expanded customer access to Fin. products, automate internal processes and optimize costs. As data analytics expands and digital competencies develop, AI can become a personal “financial assistant”.

But bringing generative AI into the financial sector comes with a number of risks, including predictive accuracy, data security, and data privacy. Generative AI tools are mainly used to process and generate text and images. Their ability to perform numerical analysis with the precision needed in finance is still evolving.