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Generative artificial intelligence is set to transform the financial services sector significantly. It enhances decision-making, improves fraud detection, and strengthens defenses by analyzing vast amounts of data. The global market for generative AI in financial services is projected to reach $18.9 billion by 2030, growing at a compound annual growth rate of 38.7%.
Financial institutions are integrating generative AI with core banking systems to meet evolving customer demands and regulatory compliance. The fusion of AI with blockchain and quantum computing is creating new applications, such as secure international transactions. Companies like TELUS and Lucid Group are leading the charge in AI integration, showcasing the technology's potential across various sectors.
• Generative AI is revolutionizing financial services with enhanced data analysis.
• The market for generative AI in finance is expected to reach $18.9 billion by 2030.
Generative AI enhances decision-making and fraud detection in financial services by analyzing data.
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