Artificial intelligence is booming: 76 percent of financial institutions are already using AI

The latest report by US venture capital firm Acrew Capital, prepared in conjunction with global financial technology conference organizer Money20/20, reveals the latest trends in the implementation of artificial intelligence (AI) in financial institutions. One of the most interesting facts is that as many as 76 percent of financial institutions are already using AI.

AI is becoming a core part of financial products and services

Since the inception of ChatGPT, AI has dominated Money20/20 events around the world. But many of the discussions lacked broader context.

The Acrew Capital and Money20/20 report aims to fill this gap. It provides a structured look at how financial institutions are actually using AI and what it means for the future of the sector.

One of the most surprising findings is how quickly financial institutions have embraced AI.

Acrew Capital and Money20/20 analyzed 221 leading financial services companies. They tracked their AI-related announcements since January 2023.

The numbers were staggering: 76 percent of these companies had announced AI initiatives, and 51 percent had integrated AI into their customer products. In total, 376 AI initiatives had been launched in less than two years.

These statistics contradict expectations in an industry that has traditionally not been known for early adoption of new technologies. It is now clear that AI is not just being experimented with, but is becoming a core part of financial products and services.

AI usage gaps and opportunities are outlined

One of the biggest changes that AI is bringing to the financial technology space is how competition between established companies and startups plays out.

Unlike previous waves of technology, such as mobile or cloud computing, the success of AI depends heavily on access to data. This gives established financial market players an advantage, as they already have vast data sets from which to train AI models.

However, the report also highlights two specific gaps.

First, while AI-powered digital assistants are becoming increasingly common, few companies have adopted solutions that allow these agents to make payments on their own. This is where startups could step in.

Second, despite the rise in financial crimes driven by AI, only 7% of the companies surveyed are actively using generative AI to prevent fraud.

Meanwhile, deepfake-related fraud has increased by 700% in a year.

This gap shows that there is a huge opportunity for startups that can create AI-powered fraud detection tools.