76% of Financial Institutions Have Already Embraced AI

According to a recent report from Acrew Capital, in partnership with Money20/20, artificial intelligence (AI) is rapidly reshaping the financial industry, as stated in FF News. The report reveals that 76% of financial institutions have already integrated AI into their operations, signaling a major shift in how the sector leverages technology.

At Money20/20 USA, industry experts Micky Tesfaye, Head of Content at Money20/20, and Lauren Kolodny, Co-founder of Acrew Capital, discussed the findings of the report. They emphasized AI’s accelerating role in fintech, from customer-facing solutions to fraud prevention.

Kolodny highlighted the significance of Money20/20 as a partner in this research, stating, “Everybody attends.” The conference serves as a global hub where startups, banks, regulators, and investors exchange insights on emerging trends. Tesfaye noted that since the rise of ChatGPT, AI has dominated discussions at their events, reinforcing the need for structured analysis on its adoption.

The report analyzed 221 leading financial institutions, tracking AI-related developments since January 2023. The findings include:

  • 76% of financial institutions have launched AI initiatives.
  • 51% have incorporated AI into customer-facing products.
  • A total of 376 AI initiatives have been introduced in less than two years.

Kolodny emphasized that AI is no longer in the experimental phase—it has become an integral part of financial services. Tesfaye echoed this sentiment, stating that AI’s adoption is happening at a much faster pace than many anticipated.

AI is changing the competitive dynamics of the financial sector. Unlike previous tech waves, AI’s success depends on access to vast datasets, giving legacy institutions a key advantage. However, Kolodny pointed out that startups still have opportunities in areas where incumbents are slower to innovate. Two significant gaps identified in the report include:

  • Agentic Payments: While digital assistants powered by AI are common, few companies have developed solutions that allow these assistants to execute payments autonomously.
  • Gen-AI for Fraud Detection: Only 7% of companies surveyed currently use generative AI for fraud prevention, despite a 700% increase in deepfake-related fraud. This presents a major opportunity for AI-driven startups.

Tesfaye highlighted the diversity of exhibitors at Money20/20 USA, including major players like OpenAI, Anthropic, and NVIDIA, alongside early-stage AI startups. This reflects the broad spectrum of companies shaping the future of AI in finance.

As AI adoption accelerates, financial institutions are shifting from a purely competitive stance to one of collaboration. While incumbents are integrating AI at scale, challenges in compliance and fraud detection provide room for startups to partner with established players.

Kolodny noted that regulatory clarity will be a key factor in AI’s future growth, particularly in sensitive areas like fraud prevention. As regulations evolve, AI’s role in finance is expected to expand even further.

To encourage continued exploration of AI trends, Acrew Capital and Money20/20 have released a public database that allows fintech professionals to analyze AI adoption data. Kolodny encouraged industry participants to leverage these insights, while Tesfaye emphasized that this report is designed as a living resource to track AI’s evolving role in financial services.

Despite claims that fintech is losing momentum, Kolodny stressed that AI is breathing new life into the industry. “AI has the potential to fundamentally rebuild financial infrastructure,” she said, and the data supports this transformation.

Tesfaye concluded with a key takeaway: AI in financial services is not a distant future—it’s already here.

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