Wealth Outlook 2024 - Slow then grow

80 Wealth Outlook 2024 | Unstoppable trends How generative AI might reshape every sector FIGURE 2 Generative AI: Order of impact across supersectors Financials Consumers Healthcare Industrial Real Natural & FinTech tech & Estate resources & mobility climate tech Tech & Comms enabling supersector MOST LEAST BENEFITED IMPACTED Note: We show the Tech & Comms supersector separately as it is the enabling supersector. Source: Citi Research 2023 Generative AI and the rest of the economy Dividing the economy into seven supersectors, Citi Research analysts have considered potential opportunities and challenges from generative AI. Excluding tech – the master sector – financials & fintech are seen as the most likely to be impacted, and natural resources & climate tech the least impacted. Financials and fintech Generative AI could potentially help democratize investing and markets, improve algorithmic trading, enable more robust data utilization and allow for better analysis and pricing of insurance risk. Other opportunities include 24/7 improved customer service via chatbots and digital assistants, better fraud detection and prevention and enhanced automated compliance monitoring. Risks to this super sector include generative AI enabling fraud; reputational and regulatory risks frommis-executed AI strategies; AI involvement in market manipulation; malfunctioning AI; and failure of investment managers to synthesize AI properly into their processes.