Citi – AI in Finance, 2024

The finance industry is poised for a significant transformation with the rise of Artificial Intelligence (AI), according to a new report by Citi GPS. The report predicts a potential $2 trillion increase in global banking industry profits by 2028, thanks to the implementation of AI. As AI becomes more prevalent, it has the potential to revolutionize the way financial services are delivered and commoditize human intelligence. The historical pattern of technological advancements indicates that new technologies tend to replace established jobs and firms, while creating new opportunities. The advent of AI in finance is expected to bring about similar changes, potentially accelerating the pace of transformation in the industry. Although AI in finance is currently in a proof-of-concept stage, experts believe that the industry is on the brink of rapid change. The report explores potential use cases in the near future and offers insights into how the integration of AI may shape the future of the finance industry.