Celent | Generative AI Making Waves

Abstract

Generative artificial intelligence (Al) is making headlines on a daily basis. Economists are estimating that it could add up to $20 trillion to global GDP by 2030. Frontrunners in banking and capital markets are announcing pilots and moving into production with generative AI-powered tools. Given all this potential, you are likely thinking about developing a generative Al blueprint to remain competitive.

To help financial institutions continue to plan their journey, AWS commissioned Celent to develop this report, which defines three distinct generative Al adoption waves in banking and capital markets, and identifies strategies for navigating each.

GenAI Adoption WaveGram

Based on conversations with GenAI tech innovators, Financial institutions in the adoption vanguard, and historical tech adoption curves, Celent anticipates that GenAI adoption will occur over three waves (2024-2027, 2028-2033, and 2034+), with each wave encompassing specific drivers and outcomes. Drivers include both accelerators and impediments.

Read this report to:

1. Be informed about factors influencing generative AI development and adoption
2. Develop a strategic plan to harness generative AI at the use case level along your value chains
3. Make sound prioritization decisions

As generative AI's potential for financial services crystallizes, this framework aims to distinguish hype from reality and help guide your successful implementation.