GenAI likely to add $66-80 billion to financial services GVA by 2030

The impact of generative artificial intelligence (GenAI) on the gross value added (GVA) within financial services can go up to 26 per cent, and it could add $66-80 billion in value by 2030, according to recent estimates from Ernst & Young (EY)

According to a report titled “The AIdea of India: Generative AI’s Potential to Accelerate India’s Digital Transformation”, around 78 per cent of the respondents surveyed said that they had either implemented GenAI in at least one use case or had plans to pilot it over the next 12 months.

Challenges to GenAI implementation:

• 44 per cent of the participants emphasised that identifying use cases and skills gaps were among the primary obstacles to implementing Gen AI
• The biggest challenge for financial organisations is the enhanced regulatory scrutiny surrounding governance and standards around building large language models

Source: EY