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The following is an excerpt from an article published by Finextra written by Anoop Gala

The challenge facing the financial industry is how to adapt, evolve, and compete in a world where traditional financial systems and practices are no longer adequate. Disruptions in the form of new technology, regulatory pressure, and rising interest rates are forcing companies to rethink their strategies. It’s a future that’s both exciting and daunting, where digital transformation is more critical than ever. In fact, global IT spending is expected to increase by 8% in 2024.

A major driving force that’s reshaping the financial landscape is artificial intelligence, particularly generative AI. While AI has long been employed by companies to detect fraud, automate processes, or deep dive into customer insights, generative AI’s capability to rapidly create, simulate, and understand content will unlock more opportunities for optimization and growth.

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