Financial Titans Unleash Generative AI's Power, Spending Skyrockets
Summary
Financial giants are aggressively investing in generative AI, with firms like Moody's developing AI agents for specialized tasks, fueling a surge in spending projected to reach $126.4 billion by 2028 as the industry taps into AI's 'co-working' capabilities.
Key Points
- Investment in generative AI has increased exponentially in the financial services industry to unlock its 'co-working' potential.
- Moody's has developed 35 AI-driven agents with specific instructions, personalities and access to data to perform different tasks.
- Financial services firms are projected to spend $126.4 billion on AI, including generative AI, in 2028, representing a 29% annual growth rate.