167 financial services firms adopt AI initiatives: report

Nearly 80% financial services companies have launched at least one AI initiative.

Companies worldwide are increasingly adopting artificial intelligence (AI) initiatives, with 167 out of 221 top financial services firms engaged in such projects, according to the All in on AI: Financial Services Adoption Index 2024 by Money20/20 and Acrew Capital.

The report included 32 Asian financial services companies, of which, several stood out for their advanced AI strategies, the report said. Whilst North American firms lead in total AI initiatives, Asian companies are closing the gap, with Xero recognised as a regional leader, spearheading six AI initiatives, it added.

Japan's financial giants—Rakuten, Mizuho, and Mitsubishi UFJ—along with India's Paytm, have each launched three AI initiatives, ranking them amongst the top global performers. This reflects Asia's aggressive approach to embedding AI into financial services, the report noted.

According to the report, nearly 80% of Asian financial services companies have launched at least one AI initiative. Of the 32 companies surveyed, 25 have publicly announced 44 initiatives, averaging 1.76 projects per company.

The report showed that Asia’s focus on AI is supported by government policies and a digital-first economic framework, transforming AI from a mere competitive advantage into a competitive necessity for financial institutions.

On the generative AI front, Xero leads the region and ranks globally with five active initiatives. Mizuho Financial Group and Rakuten each have three generative AI projects, whilst Paytm, China's Ant Group, and Singapore's Grab have two initiatives each.

“Although our report shows that North America is leading the way in AI adoption in financial services, we are discovering that Asian companies are not far behind,” said Scarlett Sieber, Chief Strategy and Growth Officer at Money20/20. “The data, especially regarding generative AI, demonstrates significant investment and commitment in Asia.”

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