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Understanding the impact of AI on the financial services industry
Artificial intelligence (AI) is transforming the landscape for financial services leaders by delivering both cost savings and enhancing customer experience. Agentic AI, the next wave of innovation, promises business process orchestration and autonomous digital employees. While progress has been made, challenges remain on the road to fully realizing the potential of artificial intelligence (AI).
An EY team conducted a broad, cross-sector survey in the first half of 2025 that included leaders in wealth and asset management, retail and commercial banking, and insurance. The aim was to better understand how these firms are exploring and/or implementing GenAI applications. We've segmented the results by sector to illustrate the unique differences in challenges, progress and results.
1. AI in financial services: Wealth and Asset Management
95% of wealth management firms are deploying at least three GenAI use cases.
"Wealth and asset managers find GenAI most impactful in compliance and risk, leading to significant cost savings. Future priorities include extending this success to front-office applications."
68% of all insurers are investing in chatbots for driving cross-selling and value-added products.
"Insurance leaders are focusing on front-office applications. As they embrace technology, enhancing customer-facing operations can generate new revenue through upsell and cross-sell opportunities."
3. AI in financial services: Retail and commercial banking
89% of retail and commercial banks expect strong impacts from GenAI over the next two years.
"Financial leaders are optimistic, but the success of approved use cases often falls short. Governance, talent, data readiness, and change management must be addressed for AI investments to yield returns."
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