Financial Services
GenAI in financial services: Empowering the workforce
The financial sector contributes heavily to technological evolution, owing to its heavy security requirements and extensive reach. Now, generative AI in finance is reshaping the industry, not just through automation but by augmenting human expertise. With AI in financial services being integrated into critical functions — from market research to fraud detection — the workforce is experiencing a rapid skills transformation.
Infosys BPM leverages its people-process-technology framework to drive functional transformation in the finance sector. AI financial services helps financial institutions build flexible, integrated, agile, adaptive and resilient operations. The banking-as-a-service model leverages AI in financial services to help organisations ‘Navigate their Next’.
This blog explores how artificial intelligence in banking is enhancing productivity, reshaping job roles, and driving the future of global financial services.
The rise of GenAI in financial services
Artificial intelligence in banking has been evolving for years, but Generative AI (GenAI) is redefining its potential. Traditional AI follows rule-based logic and structured data processing. Conversely, GenAI creates new data patterns, generates insights from unstructured datasets, and adapts dynamically — making it a game-changer for financial services.
Evolution of AI in financial services
AI adoption in financial reporting has surged, with 65% of firms already integrating AI and 71% expecting widespread use within three years. On the other front, AI chatbots have redefined digital banking. Now, about 76% of financial firms are exploring AI-powered fraud prevention.
Gen AI has been helpful in strategic decision-making as well. Investment firms use GenAI for predictive market analysis, reducing research time and enhancing competitive intelligence. As global financial services accelerate AI investments, banking-as-a-service models are leveraging GenAI to create hyper-personalised, real-time financial solutions.
Workforce transformation: How GenAI is augmenting roles
While concerns around job displacement persist, AI in financial services is proving to be an enabler rather than a replacement. Instead of eliminating roles, GenAI is augmenting human capabilities, allowing professionals to focus on high-value, strategic tasks while AI handles repetitive processes.
For instance, a leading Asian bank implemented a GenAI-powered customer support assistant, reducing call handling time by 20%. By transcribing queries in real time and instantly retrieving relevant information, the AI assistant improved response times and freed up employees to focus on complex customer needs.
Here are the key use cases of GenAI in the financial sector:
- Financial reporting and analysis: Automating earnings reports, market research, and compliance filings, reducing manual processing times.
- Risk management and compliance: AI-driven fraud detection is becoming increasingly accurate and comprehensive in its techniques and methods.
- Customer service and personalisation: AI chatbots, such as those used by leading global banks, are handling routine queries, offering tailored advice, and improving client engagement.
- Loan underwriting and credit risk assessment: AI enhances credit scoring models, streamlining the approval process and reducing risk exposure.
The skills shift: Preparing the financial workforce for AI
As AI in banking becomes a compelling choice for financial workflows, the industry is facing a critical skills shift. AI is no longer confined to back-office automation — it is now influencing critical decision-making. However, the pace of adoption is outstripping workforce readiness, creating a growing AI skills gap.
50% of financial executives are hiring for AI-related roles that did not exist a year ago, reflecting the demand for new expertise. Financial professionals must transition from manual data processing to AI-powered decision-making, requiring a blend of technical proficiency and business acumen.
What skills will be in demand?
To thrive in a GenAI-powered financial sector, employees must develop AI fluency alongside traditional finance expertise. The following skills will be crucial for workforce adaptability:
- AI literacy: Understanding how generative AI in finance functions, its limitations, and its role in enhancing financial workflows.
- Prompt engineering: The ability to craft precise AI queries to generate accurate and relevant insights, reducing reliance on trial and error.
- Critical thinking and problem-solving: AI can process vast amounts of data, but professionals must evaluate its outputs, identify biases, and make informed strategic decisions.
- Soft skills (communication and collaboration): Relationship-driven roles in global financial services require human judgement, negotiation, and emotional intelligence — qualities AI cannot replicate.
The future of GenAI in financial services: balancing AI and human expertise
The future of generative AI in finance lies in its ability to work alongside human expertise rather than replace it. While AI excels at data processing, automation, and predictive modelling, human oversight remains essential for strategic decision-making, ethical governance, and customer relationships. Banks that successfully balance AI-driven automation with human-centric financial services will gain a competitive edge in the evolving digital economy.
The long-term vision of GenAI in finance
McKinsey estimates that GenAI could add $200 billion to $340 billion annually to banking sector productivity, indicating massive productivity potential. To unlock its full value, banks must integrate AI across entire financial ecosystems rather than restricting it to isolated functions like fraud detection or chatbot services.
As global financial services embrace AI, the future will be defined by collaborative intelligence, where AI handles routine operations. In contrast, financial professionals focus on high-value advisory roles and strategic decision-making. The success of banking-as-a-service will depend on this synergy.
