TLDR: Generative AI technology, such as ChatGPT, is set to transform the financial services industry by providing consumers with more advanced chatbot assistants that can explain financial concepts, help with budgeting and financial planning, and provide advice and recommendations. While some financial services firms have started piloting generative AI initiatives, there have been only a limited number of live ChatGPT-like assistants deployed. However, 2024 is expected to be the year when generative AI assistants become more common in financial services websites and apps. The transition to generative AI assistants will fundamentally change how consumers manage their money and interact with financial services firms. While the banking, credit card, and self-directed brokerage industries are likely to adopt generative AI assistants faster, the insurance, financial advisor, and workplace retirement plan industries may be slower in their adoption. Nonetheless, financial services firms need to start the process of building generative AI assistants now to stay competitive in the market.
2024: The Year Generative AI Revolutionizes Financial Services.
