Financial institutions are embracing the integration of generative artificial intelligence into their operations, recognizing it as a vital step to remain competitive in today’s fast-evolving financial services landscape. “Our clients’ needs are at the center of all of our software development efforts,” J.P. Morgan Payments Head of Analytics and Insights Tony Wimmer said in a Dec. 20 statement. “We look forward to leveraging GenAI technology to co-develop solutions with our corporate treasury clients.” Using Cascading AI’s Casca software, the virtual assistant will guide small business owners through the often lengthy and complex loan application process, handling tasks typically performed by loan officers, such as data validation and loan approval. According to the study, over 80% of financial professionals said their institutions are open to embracing GenAI, while 75% of FIs said they expect similar or greater benefits from GenAI compared to predictive AI.