Think AI Is Big Now? Give It A Year.

SOURCE: MIT Technology Review Insights survey, 2022.

• After a slow start over the past few years, adoption of artificial intelligence capabilities across multiple business sectors is expected to expand rapidly by the end of next year.
• A 2023 report from the MIT Technology Review found just 8% of survey respondents said AI was a critical part of three or more business functions. However, that report pre-dates the explosion of ChatGPT usage and other generative AI platforms, so bullish predictions for the year ahead may already be outdated, with bigger numbers in store.
• Only in IT and finance did over half of respondents characterize AI as a critical or widespread part of that function at the time of the report. Generative AI, or AI that can be used to generate new content, is expected to speed up adoption of AI across every business function.
• Use cases of generative AI in the financial services industry include monitoring for financial crimes and fraud, automating data gathering for regulatory compliance, accelerating underwriting decisions, and reverse-engineering banking and insurance models, according to the report.