Over the past year, generative AI (GenAI) has gone from moonshot to reality. What does this mean for financial institutions? To sketch out a picture of this new reality, Celent sought out the point of view of AI technology providers. Celent distributed an online survey to technology platform and service providers that support financial institutions in wealth management, insurance, banking, and capital markets. Celent queried them on their initiatives and investment priorities, the anticipated competitive advantage, and perspective on areas that will be positively impacted. In addition, Celent asked them to take the lens of their FI customers and rate employee and customer-facing use cases. Lastly, in recognition of the risks of developing and implementing GenAI, Celent asked them to rank their concerns, challenges, and factors leading to success.