The FS industry faces a lot of regulatory scrutiny but also adopts technologies that can improve processes and services because small gains in speed or efficiency can potentially yield large returns. According to IDC, FS is expected to spend the most on Al solutions up to 2028 and will account for more than 20% of all Al spending. According to research from NVIDIA, more than half of FS professionals are convinced that Al will play an important role in business success, and 91% of organizations are already assessing Al or deploying Al in production. Across the industry, Gen Al specifically is being evaluated or used in a variety of processes, from enhancing loan and credit risk assessment to managing regulatory compliance, or enhancing customer service.

For example, the Visa Account Attack Intelligence (VAAl) Score uses Gen Al to evaluate more than 180 risk attributes in milliseconds and generate a score predicting the likelihood of a type of brute-force card fraud aided by bots. Visa also leverages Gen Al to combat card-testing fraud. The Al-powered VAAI Score has 6 times the fraud-detection features of previous models and has reduced the rate of false positives by 85%.