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Cashing in: Study shows banks investing big in GenAI, and it’s paying off

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2 months ago

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Banking tops other industries in adopting the technology for marketing, risk management, customer service and more

CARY, N.C., Oct. 28, 2024 /PRNewswire/ — A new report on the use of generative AI in banking finds that financial services leads other industries in implementing the technology. A recent survey found that 17% of banking leaders have fully integrated GenAI into their regular processes. Further, 3 in 5 currently use GenAI to some degree – and nearly all the rest plan to begin soon. Obstacles remain, led by data privacy and security concerns. But the study confirmed that banks are already realizing GenAI gains across the business.

How does banking stack up to other sectors in the use and adoption of GenAI? Dive in at SAS.com/genai-banking.

The report, Your journey to a GenAI future: A strategic path to success in banking, is based on findings from a global, cross-industry survey by data and AI leader SAS and Coleman Parkes Research. Among 1,600 business leaders surveyed in 20 countries, 243 were senior banking execs who are decision makers on their organization’s GenAI strategy. Their insights offer an insider’s look at how banks are implementing GenAI, their biggest challenges, and how banking compares to industries like insurance, the public sector, health care, manufacturing, retail and more.

“GenAI is obviously a major trend across sectors right now, but maybe most significantly in financial services,” said Alex Kwiatkowski, Director of Global Financial Services at SAS. “Our survey found that banks, along with insurers, are currently using GenAI at higher rates than other industries. Among the many benefits early adopters are seeing, one of the most oft-cited by banking leaders is in risk management and compliance, where nearly nine in 10 reported improvements after deploying GenAI.”

Banks are all in on AI, with the budgets to prove it
The interest rates on savings accounts and loan applications may be ticking downward, but banks’ interest in generative AI is as high as ever. In fact, it’s nearly unanimous, with 98% of banking respondents either already using GenAI (60%, tied with insurance for the highest adoption rate) or planning to do so within the next two years (38%). And it’s not just talk: 90% said they have a dedicated GenAI budget for the coming year.

Beyond the 17% of banking leaders who reported fully implementing GenAI into their business processes, another 43% indicated they are experimenting with the technology at the enterprise level. Six in 10 said they have deployed at least one GenAI use case to date – the highest of any industry.

Banks are also using GenAI across departments and business functions. Compared with cross-industry averages, banks use GenAI at a higher rate in marketing (47%), IT (39%), sales (36%), finance (35%) and customer service (24%).

“GenAI technology is a double-edged sword for banks, as it has been weaponized by criminals to commit fraud faster than banks can adopt GenAI to protect their customers,” said Stu Bradley, Senior Vice President of Risk, Fraud and Compliance Solutions at SAS. “But better anti-fraud safeguards are just one of many potential advantages awaiting firms that take the GenAI leap. In fact, leaders on the first wave of GenAI implementation are seeing early returns on their investments in many areas of the bank.”

GenAI is already paying dividends in banking
The benefits from GenAI in banking aren’t just aspirational; they’re already happening, particularly in banks’ internal processes. Among bank leaders that have integrated GenAI, huge majorities are seeing gains in:

Employee experience and satisfaction (90%).Risk management and compliance (88%).Time savings and reduced operational costs (85%).

In addition, more than three-quarters reported improvements in customer satisfaction and retention (82%); efficiency in processing large data sets (78%); and sales or market share from data-driven insights (76%).

Marketing emerged as the most common area for banks to use GenAI, cited by 47% of banking leaders polled. A related SAS study, based on a separate survey of marketing professionals, found that banking marketers most frequently use GenAI for customer interactions (44%) and generating written copy (33%). They also plan to expand its use within the next year to audience targeting (64%) and trend analysis (64%).

Banking, like other industries, faces obstacles to GenAI success
Like many investments, GenAI does involve a degree of risk and uncertainty. Banking leaders’ foremost concerns involve protecting the privacy (74%) and security (71%) of their – and their customers’ – data. One potential solution? Synthetic data. Nearly one-third (29%) is already using this form of GenAI, and another 33% said they are actively considering it.

Implementation challenges are another obstacle facing the banking industry. Over half (54%) said that using public and proprietary data sets has been, or likely will be, an obstacle to implementing GenAI. And nearly as many (49%) said they are experiencing challenges moving GenAI from conceptual to practical.

Finally, banking leaders also worry about GenAI governance and regulation. Only 6% of those surveyed said their current governance framework is “well-established.” Most (58%) indicated that their frameworks are “in development” – but more than a third viewed theirs as either “ad hoc or informal” (27%) or “non-existent” (9%). The biggest hurdles to implementing effective governance and monitoring? Almost one-third (30%) cited technological limitations. Another 30% pointed to lack of transparency and accountability, a number that’s slightly higher than other industries.

“GenAI is changing the world of banking in ways that were previously unimaginable – and at astonishing speed,” said Kwiatkowski. “There is no shortcutting AI governance in banking or any industry. Trustworthy AI requires a foundation of human centricity, and it must embody the other core tenets of responsible innovation – inclusivity, transparency and accountability among them.”

Dig deeper into GenAI insights, in-person or online
Today’s announcement was made during Money20/20, branded the largest global fintech event enabling payments and finserv innovation, convening in Las Vegas, Oct. 27 – 30. Attendees are invited to engage with SAS experts on GenAI and other topics throughout the conference at Booth 3703.

To explore additional findings from SAS’ global GenAI study, download the banking report at SAS.com/genai-banking and check out SAS’ interactive GenAI data dashboard.

About SAS
SAS is a global leader in data and AI. With SAS software and industry-specific solutions, organizations transform data into trusted decisions. SAS gives you THE POWER TO KNOW®.

SAS and all other SAS Institute Inc. product or service names are registered trademarks or trademarks of SAS Institute Inc. in the USA and other countries. ® indicates USA registration. Other brand and product names are trademarks of their respective companies. Copyright © 2024 SAS Institute Inc. All rights reserved.

Editorial Contact:         

Trey Whittenton             

Danielle Bates

Trey.Whittenton@sas.com   

Danielle.Bates@sas.com 

919-531-6829           

919-531-1959

sas.com/news

 

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SOURCE SAS

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Digital English Language Learning Market to Grow by USD 39.46 Billion (2025-2029), Flexibility of Digital Courses Boosts Revenue, AI-Powered Market Evolution – Technavio

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27 minutes ago

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January 2, 2025

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NEW YORK, Jan. 2, 2025 /PRNewswire/ — Report on how AI is driving market transformation – The global digital english language learning market  size is estimated to grow by USD 39.46 billion from 2025-2029, according to Technavio. The market is estimated to grow at a CAGR of  24.5%  during the forecast period. Increased flexibility offered by digital language courses is driving market growth, with a trend towards increasing adoption of AR and VR in english classrooms. However, high investments in digital learning infrastructure  poses a challenge. Key market players include 51Talk Online Education Group, Berlitz Corp., Busuu Ltd., Cambridge University Press, Cengage Learning Holdings II Inc., Chegg Inc., Duolingo Inc., EF Education First Ltd., ELSA Co. Ltd., Houghton Mifflin Harcourt Co., inlingua International Ltd., IXL Learning Inc., John Wiley and Sons Inc., New Oriental Education and Technology Group Inc., Oxford University Press, Pearson Plc, Sanako, VIPKID HK Ltd., Voxy Inc., and WSE Hong Kong Ltd..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2025-2029

Base Year

2024

Historic Data

2019 – 2023

Segment Covered

End-user (Non academic learners and Academic learners), Deployment (On premises and Cloud based), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Region Covered

APAC, Europe, North America, South America, and Middle East and Africa

Key companies profiled

51Talk Online Education Group, Berlitz Corp., Busuu Ltd., Cambridge University Press, Cengage Learning Holdings II Inc., Chegg Inc., Duolingo Inc., EF Education First Ltd., ELSA Co. Ltd., Houghton Mifflin Harcourt Co., inlingua International Ltd., IXL Learning Inc., John Wiley and Sons Inc., New Oriental Education and Technology Group Inc., Oxford University Press, Pearson Plc, Sanako, VIPKID HK Ltd., Voxy Inc., and WSE Hong Kong Ltd.

Key Market Trends Fueling Growth

The integration of virtual reality (VR) and augmented reality (AR) in English classrooms is revolutionizing digital language learning. VR offers limitless experiences, enabling students to control their education with relevant apps. AR enhances learning by providing additional visuals and videos, catering to multi-sensory learners. The use of mobile devices in class is becoming more acceptable, boosting market growth for digital English language learning. 

The Digital English Language Learning Market is thriving with innovative solutions. Bagdes, Badges, and Certificates are essential tools for motivating learners. Podcasting and Audio Learning are trending, offering flexibility and convenience. Mobile applications and online learning platforms are popular choices for accessing content. Digital Homework and Practice are crucial for reinforcing concepts. Interactive Learning and Gamification engage students, enhancing the learning experience. Video Learning and Flashcards are effective study aids. E-learning and Exercise books cater to diverse learning styles. Progressive Learning and Adaptive Technology personalize instruction. Vocabulary Building and Language Apps are essential resources. Engaging Learning and Multimedia Content keep learners interested. Tracking Progress and Real-time Feedback ensure effective learning. 

Insights on how AI is driving innovation, efficiency, and market growth- Request Sample!

Market Challenges

•         The digital English language learning market faces financial challenges, particularly for institutions in developing countries. High costs for hardware and infrastructure prevent widespread adoption. However, using open-source operating systems like Linux can reduce expenses. Despite these hurdles, the importance of English language labs continues to drive investments, shaping the market’s growth trajectory.

•         The Digital English Language Learning Market faces several challenges. One key challenge is the increasing competition from various courses and platforms offering language instruction. Another challenge is the digital divide, where access to technology and internet is limited in some regions. Classroom-based learning is also a significant challenge, as it may not cater to individual learning styles and paces. Additionally, the cost of high-quality language learning resources can be prohibitive for many learners. Furthermore, keeping up with the latest technology trends and integrating them into language learning is a continuous challenge. Lastly, ensuring effective and personalized learning experiences remains a top priority for language learning providers.

Insights into how AI is reshaping industries and driving growth- Download a Sample Report

Segment Overview 

This digital english language learning market report extensively covers market segmentation by

End-user 1.1 Non academic learners1.2 Academic learnersDeployment 2.1 On premises2.2 Cloud basedGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

1.1 Non academic learners-  The corporate sector, a significant part of the non-academic learner segment, requires digital English language courses due to extensive corporate communication and international business operations. Diversity in workforces and increased online communication heighten this need. IELTS and TOEFL are widely used as language proficiency benchmarks, driving demand for digital English language learning. Technological advancements enable self-paced learning and cloud-based programs, while mobile applications deliver study materials. Blended learning combines classroom and digital methods, positively impacting market growth during the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2025-2029) and historic data (2019 – 2023) 

Research Analysis

In the rapidly evolving digital landscape, the English language learning market is experiencing significant growth. E-learning platforms are revolutionizing language proficiency development through Mobile Learning, Virtual Classrooms, and AI Tutors. Adaptive Learning technologies ensure Personalized Learning experiences, while Interactive Content, Gamification, and Digital Literacy keep learners engaged. Cloud-based Learning enables accessibility from anywhere, and Blended Learning combines the best of traditional and online methods. Courseware, Learning Analytics, and Peer Learning foster collaborative and effective learning. Self-paced and Synchronous Learning cater to diverse learner needs, while Asynchronous Learning allows flexibility. Digital Certification validates achievements, and Microlearning facilitates bite-sized learning. Interactive Whiteboards, Virtual Reality, and Video Lessons add elements to the learning experience. Real-time Feedback and Content Management ensure continuous improvement.

Market Research Overview

The Digital English Language Learning Market encompasses various solutions and technologies designed to teach and improve English language skills in a digital format. These offerings range from language learning apps and software to online courses and virtual classrooms. The market caters to diverse demographics, including students, professionals, and individuals seeking to expand their linguistic abilities. Digital language learning platforms provide flexibility, accessibility, and affordability, making them a popular choice for language learners worldwide. Features such as interactive activities, gamification, and personalized learning paths enhance the learning experience. The market is expected to grow significantly due to increasing globalization, the need for effective communication in business, and the widespread availability of digital technologies.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userNon Academic LearnersAcademic LearnersDeploymentOn PremisesCloud BasedGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Technology

Frax Launches frxUSD Stablecoin, backed by the BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), Tokenized by Securitize

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27 minutes ago

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January 2, 2025

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Seamless Fiat On/Off Ramp Built on Ethereum Network Adds Unprecedented Transparency and Custody

LAS VEGAS, Jan. 2, 2025 /PRNewswire/ — Frax Finance, a decentralized stablecoin cryptocurrency protocol, today announced the launch of a new stablecoin, frxUSD, that will leverage BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), tokenized by Securitize, to deliver a secure, transparent, and fully auditable backing mechanism.

This partnership marks a milestone in the integration of traditional finance and blockchain technology. The frxUSD stablecoin, a rebranded evolution of Frax’s flagship FRAX stablecoin, offers direct fiat redemption capabilities and enhanced compliance with U.S. financial systems.

As part of the collaboration, BUIDL will become an enshrined custodian asset for minting and redeeming frxUSD. The stablecoin will be uniquely backed by assets held in BlackRock’s BUIDL, which invests in cash, U.S. Treasury bills, and repurchase agreements. This ensures full transparency and on-chain audibility, solidifying frxUSD as the first stablecoin to offer seamless fiat on/off-ramping capabilities via Blackrock’s BUIDL infrastructure.

“Tokenized real-world assets provide an excellent bridge between traditional finance and decentralized finance, bringing institutional-grade investments on-chain with unprecedented transparency and efficiency,” said Carlos Domingo, Co-Founder and CEO of Securitize. “This collaboration exemplifies the next stage in financial evolution, demonstrating how traditional and decentralized systems can work together to redefine asset management strategies. The integration of frxUSD and the BUIDL fund is a clear signal of the transformative potential of tokenization in modern finance.”

“By partnering with Securitize to access and leverage BlackRock’s BUIDL Fund we are setting a new standard for stablecoins,” said Sam Kazemian, Founder of Frax Finance. “frxUSD combines the transparency and programmability of blockchain technology with the trust and stability of BlackRock’s prime treasury offerings. This collaboration is a significant step toward bridging traditional finance with decentralized systems.”

About Securitize
Securitize, the leader in tokenizing real-world assets, is driving the compliant digitization of financial assets through next-generation blockchain technology. Securitize, or through its subsidiaries, is a registered broker-dealer (member Finra / SIPC) and operates a primary marketplace, an alternative trading system, as well as a top 10 transfer agent and has an exempt reporting adviser. Learn more at http://www.securitize.io.

About Frax
Frax aims to be the U.S. digital dollar, establishing itself as the world’s most innovative decentralized stablecoin and DeFi stablecoin infrastructure. The Frax stablecoin, a crypto collateralized stablecoin pegged to the U.S. dollar, is highly scalable, trustless, and ideologically pure on-chain money. Frax — founded by Sam Kazemian and Stephen Moore — is committed to stability, proven technology, expert governance, and regulatory clarity.

Media Contacts:
Securitize: press@securitize.io
Frax: frax@43pr.com

View original content:https://www.prnewswire.com/news-releases/frax-launches-frxusd-stablecoin-backed-by-the-blackrocks-usd-institutional-digital-liquidity-fund-buidl-tokenized-by-securitize-302341497.html

SOURCE Frax

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Technology

Online Sex Toys Market size to increase by USD 11.56 Billion between 2024 to 2029, Market Segmentation by Gender, Product, Geography, Technavio

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27 minutes ago

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January 2, 2025

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NEW YORK, Jan. 2, 2025 /PRNewswire/ — The global online sex toys market size is estimated to grow by USD 11.56 billion from 2025 to 2029, according to Technavio. The market is estimated to grow at a CAGR of about 11.1% during the forecast period. The report provides a comprehensive forecast of key segments below-

Segmentation Overview

Gender1.1 Female1.2 MaleProduct2.1 Adult vibrators2.2 Erection rings2.3 Dildos2.4 OthersGeography3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa

Get a glance at the market contribution of rest of the segments – Download a FREE Sample Report in minutes!

Analyst Review

The online sex toys market is experiencing in demand driven by the innovation of sex robots, bots, and dolls catering to the needs of adolescents and young adults. Luxury adult toys, including Bluetooth vibrators and romantic devices, offer automated pleasure and Bluetooth connectivity for remote control features. These toys provide medical benefits for individuals experiencing menopausal symptoms, lack of arousal, premature ejaculation, low libido, and erectile dysfunction. AR technology and smartphone integration add to the experience. Investors, including private equity firms, are taking notice of this growing industry, leading to product expansion and the development of diverse needs and preferences. However, regulations, product safety, cultural attitudes, legal frameworks, and societal norms present challenges for market growth.

Market Overview

The Online Sex Toys market is experiencing rapid growth with the integration of technological advancements such as sex robots, bots, and dolls. These automated toys cater to various demographics, including adolescents and young adults, seeking novel and emotional physical experiences. Luxury adult toys, like Bluetooth vibrators and romantic devices, offer unique features such as remote control, smartphone connectivity, and even AI integration. SexTech products, including TIANI Harmony, provide medical benefits for individuals experiencing menopausal symptoms, lack of arousal, premature ejaculation, low libido, and erectile dysfunction. These therapeutic tools are gaining popularity as societal attitudes towards sexual wellness evolve. Investors, including private equity firms, are taking notice of the market’s potential, leading to product expansion and regional expansion. Ecommerce segments and mass merchandisers, such as WalMart, are also entering the market, making sex toys more accessible to a diverse range of preferences and needs. Despite the progress, societal stigma and legal frameworks continue to pose challenges. Regulations regarding product safety, distribution, and cultural norms are essential considerations for companies in this industry. As technological advancements continue, the integration of AI, VR, and AR in sex toys is expected to revolutionize the market further.

To understand more about this market- Download a FREE Sample Report in minutes!

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/online-sex-toys-market-size-to-increase-by-usd-11-56-billion-between-2024-to-2029–market-segmentation-by-gender-product-geography-technavio-302340289.html

SOURCE Technavio

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