The Banking Executive Magazine - August 2024 Issue

the BANKING EXECUTIVE 44 ISSUE 188 AUGUST 2024 FinTech and AI Chornicle Generative AI is now virtually ubiq- uitous in global businesses, with 9 in 10 companies (87%, up from 83% in October last year) having already de- ployed or are piloting the technol- ogy, new research from Bain & Company reveals. Businesses are prioritising AI deploy- ments with multi-million-dollar budgets and people commitments as generative AI is meeting or exceed- ing expectations in 75% or more of cases, the research found. Bain’s analysis shows very rapid ramping up of businesses’ spending and other commitments to genera- tive AI use. More than 60% of busi- nesses surveyed put it among their top three priorities for this year and next, with 87% ranking it among their top five priorities for the next three to four years. BUDGETING $5 MILLION PER YEAR On average, Bain’s research shows companies are already budgeting some $5 million per year for genera- tive AI activities and technology in- frastructure – with that average number rising to $50 million per year for 20% of the largest companies, in- dicating businesses’ increasingly large-scale commitments to genera- tive AI implementation. Bain’s analysis of the firm's, regular Generative AI Survey of senior exec- utives in 200 businesses, across an even split of technology and non- technology companies, also shows BUSINESSES PRIORITIZING AI DEPLOYMENTS