Artificial intelligence (AI) adds significant value across various use cases, including retail, banking, and e-commerce platforms. However, several studies indicate that, despite the potential for substantial returns, many businesses are hesitant to invest in AI.
A McKinsey study released in December 2023 found that generative AI (GenAI) could add the equivalent of $2.6 trillion to $4.4 trillion annually in economic value across 63 use cases. That same year, GenAI began gaining traction in the banking sector, showing promising early results.
McKinsey identified the most significant value potential in risk and legal (US$385 billion), corporate banking ($321 billion), and retail banking ($306 billion), highlighting how GenAI could reshape these high-stakes areas of the financial services industry.
A survey by e-commerce software firm Uptain found that no technology has a greater impact on the business world than AI. Its “E-Report 9: AI in E-Commerce” indicates relatively high awareness and acceptance of AI in e-commerce. Many online store operators still do not utilize AI, despite its growing prominence in the retail industry.
A third report by revenue lifecycle management (RLM) firm Conga revealed that despite growing confidence in AI’s potential, many companies continue to delay adoption. It queried more than 600 business decision-makers across the U.S. and U.K., revealing a significant gap between AI optimism and real-world adoption.
