Artificial intelligence (AI) is playing an increasingly active role in transforming financial services communications. Recent findings from RingCentral’s report, The state of AI in financial services communications, reveals that the financial sector is at the forefront of AI adoption, with implementation rates surpassing even traditionally tech-forward industries like healthcare. This in-depth analysis is derived from a subset of data from RingCentral’s broader “The state of AI in business communications” study, specifically focusing on responses from financial services leaders.

AI Adoption trends in financial services

Remarkably consistent AI integration is occurring across major use cases in financial services. Between 72% to 78% of businesses in the sector are either fully utilizing or actively experimenting with AI solutions. This high adoption rate spans various applications, demonstrating AI’s broad utility in addressing diverse communication challenges.

Financial leaders recognize that simply keeping pace with AI advancements is insufficient. The focus has shifted towards implementing practical, value-driven AI solutions that directly address unique industry challenges while improving customer experiences and driving growth. This pragmatic approach ensures that AI investments translate into tangible benefits for both the institution and its clients.

Comparing adoption rates across industries provides further insight into financial services’ leadership in AI integration. The sector’s embrace of AI technologies outpaces that of healthcare, an industry often viewed as highly optimistic about AI’s potential. This comparison underscores the financial sector’s commitment to leveraging cutting-edge technologies to enhance operations and service delivery.

Looking forward

Financial institutions are applying AI across a wide range of communication contexts. From customer service interactions to internal collaboration tools, AI is being deployed to streamline processes, analyze data, and provide more personalized experiences. This versatility highlights the technology’s adaptability in addressing various communication needs within the sector.

As AI continues to reshape financial services communications, it’s crucial for industry leaders to remain focused on practical applications that deliver real value. By prioritizing AI solutions that address specific pain points and improve customer interactions, financial institutions can harness the full potential of this transformative technology.

Download the full report to understand how financial services leaders view the impact of AI on fraud and security, investment, ROI, and future outlook.

Originally published Jan 23, 2025