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1、HARNESSING GEN AIS VALUE:A New Era for Financial ServicesWhere Gen AI implementation stands in the sector and where its heading,according to a commissioned study conducted by Forrester Consulting on behalf of SoftServeReportHarnessing Gen AIs Value:A New Era for Financial Services2The financial serv

2、ices sector is undergoing a significant transformation marked by the increased adoption of Generative AI(Gen AI).A 2024 commissioned study by Forrester Consulting on behalf of SoftServe details where Gen AI implementation currently stands in this sector,and where it is heading.Despite an initial ent

3、husiastic embrace and widespread implementation across departments,only one-third(33%)of the business leaders believe they have realized significant value from their Gen AI initiatives.However,tech leaders who responded to the survey maintain conviction that Gen AIs untapped potential still lies ahe

4、ad.The study also identified a quartet of needs technical expertise,infrastructure,data governance,and strategic planning that must be addressed for organizations to fully realize the potential of Gen AI in both the short and long term.The enthusiasm for Gen AI has been widespread.However,there has

5、been an abundance of pilot programs spread evenly across departments indicating a lack of focus and clear business use cases and strategy.Four main areas of need were identified for organizations to fully realize the potential of Gen AI:technical expertise,infrastructure upgrades,data governance,and

6、 strategic planning.All financial services participants expressed at least some concern over their organizations current ability to execute Gen AI initiatives aimed at improving customer engagement,operational efficiency,risk management/regulation compliance,and employee experience due to a lack of

7、technical expertise.Despite the clear need for strategic roadmapping in Gen AI implementation,only 39%of financial services respondents are currently relying on a services partner to help identify current and emerging use cases.Infrastructure challenges and data governance emerged as a common burden

8、,with 83%in agreement that they need help with consolidating and streamlining enterprise data for Gen AI models,and 83%stressing that governance is becoming increasingly important.EXECUTIVE SUMMARYKey Findings:ReportHarnessing Gen AIs Value:A New Era for Financial Services3THE GEN AI RUSH OF 2023/20

9、24 The past two years marked an era of dynamic transformation in the financial services sector,characterized by the enthusiastic embracing of Gen AI.This period saw a swift and robust mobilization of resources and a buzz over ambitious proof-of-concept projects.Even today,we see the fruits of this e

10、nthusiasm in the numerous pilot programs that have been successfully rolled out.A global Forrester Consulting study commissioned by SoftServe shows that nearly a third of financial services respondents are currently piloting Gen AI in each department,from employee experience/HR to software developme

11、nt(figure 1).SoftServe experienced this boom firsthand.In the first half of 2023,Gen AI accounted for only 10%of our AI initiatives.However,by the fourth quarter of 2024,the proportion of Gen AI initiatives had soared to 40%.The interest in Gen AI remains,as evidenced by business trends observed in

12、the first quarter of 2024.The fervor for Gen AI adoption was not only about ensuring that financial services institutions remained relevant but also about paving the way for future advancements.A wide array of departments including legal and compliance,ecosystem management,employee experience/HR,fin

13、ance,R&D,operations,supply chain,marketing and sales,customer experience,and IT/software have either already integrated or are currently pilot testing Gen AI technology.This broad-spectrum application affirms Gen AIs transformative potential across various business operations.Figure 1:Gen AI pilotin

14、g and integration in financial services departmentsDEPARTMENT%Currently piloting Gen AI%Currently using Gen AI w/no plans to expand over next 12-18 months%Currently using Gen AI w/plans to expand in the next 12-18 monthsLegal and Compliance33%32%13%HR 30%28%16%Finance28%33%17%R&D33%38%11%Operations2

15、6%38%19%Supply Chain26%33%21%Marketing and Sales31%34%16%Customer Experience32%30%21%IT/Software Development31%30%18$ReportHarnessing Gen AIs Value:A New Era for Financial Services4The excitement is real,but there also seems to be a lack of focus.According to the Forrester study,financial services a

16、dopters of Gen AI technology are implementing it across all departments fairly evenly.This practice of throwing solutions against the wall to see what sticks rather than concentrating on where real business value lies is not without consequences as evidenced by the significantly lower number of resp

17、ondents with plans to expand Gen AI use over the next 12 to 18 months than those without such plans(Figure 1).The pioneering journey of early adoption is often fraught with unforeseen challenges and,for some,Gen AI has been no exception.In fact,first movers frequently hit walls regarding the value t

18、hey believe can be extracted from the technology.According to the Forrester study,this realization has sparked a sense of disillusionment among adopters.Among financial services leaders surveyed,73%now believe they have already harvested the maximum benefits of Gen AI or anticipate doing so within t

19、he coming year(figure 2).This shift in belief should be a wake-up call,prompting businesses to reconsider their strategies.While the survey results can be seen as indicative of waning enthusiasm,its important to note that those surveyed were largely business leaders rather than tech leaders.When the

20、 results of the Forrester study are further broken down,it shows 80%of C-level respondents believe their organization has already achieved maximum value from Gen AI or will do so in the next year,while 84%of VPs and 78%of directors share the same view.FIRST MOVERS HITTING A WALLWhere does your organ

21、ization sit on the value realization timeline?Already experienced the most business value 13%38%Currently experiencing the most business value22%Expect to experience most business value in next 12 months25%Expect to experience most business value in 12-24 months2%Expect to experience most business v

22、alue in 24+monthsFigure 2:Gen AI value realization timeline for financial servicesReportHarnessing Gen AIs Value:A New Era for Financial Services5Where does your organization sit on the value realization timeline?Already experienced the most business valueExpect to experience most business value in

23、next 12 monthsCurrently experiencing the most business valueExpect to experience most business value in 12-24 monthsExpect to experience most business value in 24+monthsC-level executive (e.g.,CEO,CMO)VP (in charge of one or several large departments)Director (manage a team of managers and high-leve

24、l contributors)21%31%28%14%5%22%40%22%14%2%16%33%29%21%1%Figure 3:Gen AI value realization in financial services by job titleTo deliver what some leaders see as elusive business value and capture the untapped potential of Gen AI,it is crucial for organizations to take a step back,ponder their initia

25、l attempts,and strategize.Yet,merely implementing pilot programs wont suffice.The true differentiation lies in properly preparing to reap the value Gen AI offers.The Forrester study indicates that 67%believe failure to address substantial challenges particularly in the areas of infrastructure and da

26、ta governance could impede realizing the full value from Gen AI,be it short term or long term.Furthermore,29%of respondents maintain that revenue opportunities may be lost if these issues are not addressed.It is vital to go beyond initial implementation,anticipate potential roadblocks,and devise str

27、ategies to harness the true power of Gen AI,thus turning potential into performance in both the short and long term.ReportHarnessing Gen AIs Value:A New Era for Financial Services6THE QUARTET OF NEEDSFinancial services,along with other industries,stands at the threshold of a significant transformati

28、on with the rise of Gen AI.However,there are a myriad of challenges to be addressed before this journey can near its ultimate destination.These needs mostly lie in the areas of technical expertise,infrastructure,data governance,and planning.Nearly every financial services participant in the Forreste

29、r study(99%)expressed at least some concern over the rising importance of deeper technical expertise(figure 4).This expertise broadens the boundaries of data integration,model optimization,and use case recognition,ushering in an era of advanced model development.The demand for AI specialist roles on

30、ly strengthens as Gen AI capabilities become more prevalent.This evolving landscape compels businesses to adapt,concentrating their recruitment efforts on securing this unique skill set.At the same time,they need to ensure smooth transitions for current employees into the new territory of Gen AI.A c

31、ase in point is SoftServes Data Science Group,which not only witnessed a surge in labor by 20%between Q1 of 2023 and Q2 of 2024 but also experienced a significant transition in demand for skills.Many of our top AI experts underwent additional training to keep pace with the fast-emerging landscape of

32、 Gen AI.Technical expertiseHow concerned are you with your organizations current ability to execute Gen AI priorities using current levels of internal and external expertise?Figure 4:Concern over Gen AI expertiseNot at all concerned0%Not very concerned2%Somewhat concerned21%Moderately concerned48%Ve

33、ry concerned30%ReportHarnessing Gen AIs Value:A New Era for Financial Services7Infrastructure upgradesSeveral financial services experiences in Gen AI implementation point toward the need for superior tech infrastructures.As much as 33%of financial services players have faced challenges in building

34、prototypes,while 46%recount difficulties in rolling out production models and the obstacles dont stop there.Core modernization and superior infrastructure are critical for overcoming these challenges.Gen AI projects have far-reaching impacts,requiring upgrades to computing resources,data storage app

35、roaches,and networking connectivity to manage large quantities of data.Leveraging the scalability and flexible access to specialized hardware offered by cloud providers accelerates AI adoption.However,choices must be made carefully as cloud providers now also serve as AI platform providers,offering

36、a range of AI tasks from analytics functions to LLM model training.Therefore,the right cloud provider can act as your AI partner,supporting your growth plans.To navigate this landscape,organizations must not only hasten their modernization efforts,but also ensure they choose the correct path to meet

37、 their evolving needs.A SoftServe client,one of the worlds largest custodian banks,faced the challenges mentioned in Figure 4,struggling with AI model deployment due to disparate platforms and inefficient development processes.We worked with the bank to implement a ModelOps platform to streamline an

38、d enhance its governance,accountability,and monitoring of AI models.This upgrade in infrastructure accelerated the deployment of AI models,leading to a quicker time-to-market and better return on investment.At which stage of your Gen AI adoption journey,if any,has your organization experienced each

39、of the following challenges?Discovery/investigation of Gen AI capabilities17%Building of prototypes33%Prototype deployment40%Production model roll-out v.146%Production model v.1 revision/v.2 model roll-out33%Figure 5:Gen AI adoption challengesReportHarnessing Gen AIs Value:A New Era for Financial Se

40、rvices8Data governancePrioritization and roadmappingIntegration of data and Gen AI systems is the next hurdle.An overwhelming 83%agree that they need help with consolidating and streamlining enterprise data to leverage in Gen AI models.Similarly,85%emphasize the increasing importance of governance a

41、s they move forward into more advanced use cases.Regardless of the buzz surrounding AI and Gen AI,the effectiveness of these technologies hinges on the quality and accessibility of the data they utilize.This is a lesson many businesses are learning,as once-overlooked data inefficiencies are now posi

42、ng significant obstacles to AI initiatives.Fundamental enhancements to data governance might lack the thrill of evaluating new LLMs,but they are indispensable.A robust data foundation facilitates a variety of future projects and yield,general improvements in data management costs and compliance assu

43、rance.A SoftServe banking client sought to use their data to develop Gen AI-powered chatbots and assistants,as well as to benefit sales and marketing but they needed help.Using infrastructure-as-code(IaC),SoftServe delivered an automated infrastructure on the cloud that serves as the heart of the ba

44、nks data management system.In addition to enabling the desired Gen AI solutions,this increased risk management and customer activity analysis.Lastly,an effective roadmap is crucial for financial services institutions.As seen above,a common challenge that the industry faces is the development of prot

45、otypes and the rollout of models.Identifying effective use cases,perfecting the prioritization process,and outlining a clear roadmap is paramount to minimizing these struggles.Yet,despite 82%of financial services respondents to the Forrester survey admitting to some need for partner assistance,as me

46、ntioned above,only 39%rely on a services partner that assists in identifying current and emerging use cases.My organization needs help consolidating/streamlining enterprise data so it can be leveraged in Gen AI modelsAs my organization moves forward with more advanced use cases and further deploymen

47、t,governance is becoming increasingly importantDisagreeNeither disagree nor agreeAgreeStrongly agreeDont know/does not apply3%13%43%40%2%0%16%48%35%1%Figure 6:Data readinessReportHarnessing Gen AIs Value:A New Era for Financial Services9My organization needs partners who understand its market/use ca

48、sesDisagree0%Neither disagree nor agree18%Agree45%Strongly agree37%Figure 7:Need for partners to identify use casesMuch of the value of Gen AI lies in its potential to replace large human forces currently employed for language-based activities.Such activities span from document handling to customer

49、interaction.However,the biggest tangible benefits of Gen AI are typically seen in the reduction of time and labor needed for these activities.Realizing the value of Gen AI entails a collaboration between technology and business,aligning these powerful tools with the most critical challenges and lucr

50、ative opportunities.IT partners with expertise in financial services are essential.The need for consultation and partnership is universally recognized,but it holds greater importance in Gen AI as institutions are just beginning to understand and implement the technology.When a client needed help dev

51、eloping and implementing a Gen AI use case prioritization methodology,SoftServe developed its Rapid Prioritization Framework.The framework scores business value,technical feasibility,and data readiness to cluster and prioritize use cases.In this case,we defined nine distinct clusters of use cases an

52、d created a sandbox for rapid prototyping to develop a unified methodology for prioritizing Gen AI use cases.ReportHarnessing Gen AIs Value:A New Era for Financial Services10KEY RECOMMENDATIONSAfter the initial rush of Gen AI interest,it was not uncommon to become disillusioned due to spreading inve

53、stments too thin or running into overwhelming challenges.Moving beyond these frustrations and unleashing the full potential of Gen AI requires a well-rounded strategy and a deep understanding of the technology.The key recommendations outlined below are intended to provide a comprehensive approach to

54、 maximize Gen AIs value in your financial services organization.Technological Expertise:Develop a team of experts well-versed in Gen AI.This team should not only execute Gen AI initiatives smoothly but also be able to recognize potential use cases to advance your business model.The Forrester study s

55、hows that 90%of financial services organizations agree that they need partners with more advanced capabilities in order to see the transformative value they expect from Gen AI.Infrastructure Modernization:Upgrade your infrastructure to successfully implement Gen AI projects.This includes computing r

56、esources,data storage,and networking connectivity.SoftServes experience in delivering superior infrastructures can help your organization overcome Gen AI adoption challenges.Improve Data Governance:To exploit Gen AIs full potential,it is critical to consolidate and streamline enterprise data.Improve

57、d data governance can enhance data management costs and compliance assurance.SoftServe can help organizations consolidate scattered data into a single source of truth,enabling a wide range of business needs.Establish Prioritization and Roadmaps:Identify effective use cases and outline a clear roadma

58、p for your Gen AI journey.SoftServes Rapid Prioritization Framework can guide you in prioritizing use cases based on business value,technical feasibility,and data readiness.Implement Smart Infrastructure:Make use of smart,platform-agnostic infrastructures.SoftServe has the resources to provide boile

59、rplate architectures,UI&UX,and smart orchestration of LLMs to successfully carry out Gen AI projects.Accelerate Time-to-Market and Reduce Costs:Minimizing time-to-market and managing costs for Gen AI initiatives are important elements of successful implementation.SoftServes in-house solutions have b

60、een proven to reduce both time-to-market and the cost of Gen AI projects.ReportHarnessing Gen AIs Value:A New Era for Financial Services11METHODOLOGYIn this study,Forrester conducted a global online survey involving 777 decision-makers across various industries who are engaged in technology purchasi

61、ng related to Gen AI among which 120 worked in the financial services sector.The goal was to assess the effectiveness of their current adoption strategies.Participants were questioned about their organizations Gen AI technology,infrastructure,skill development,governance strategies,and the value der

62、ived from their existing use of Gen AI.As a token of appreciation for their time,respondents received a small incentive.The study commenced in January and concluded in February 2024.Please note that percentages may not add up to 100 due to rounding.NORTH AMERICAN HQ201 W.5th Street,Suite 1550 Austin

63、,TX 78701+1 866 687 3588(USA)+1 647 948 7638(Canada)EUROPEAN HQ30 Cannon StreetLondon EC4 6XHUnited Kingdom+44 333 006 4341 ABOUT USSoftServe is a premier IT consulting and digital services provider.We expand the horizon of new technologies to solve todays complex business challenges and achieve mea

64、ningful outcomes for our clients.Our boundless curiosity drives us to explore and reimagine the art of the possible.Clients confidently rely on SoftServe to architect and execute mature and innovative capabilities,such as digital engineering,data and analytics,cloud,and AI/ML.Our global reputation i

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