Generative Artificial Intelligence in Canadian Financial Services Marketing: Transforming Consumer Insights and Engagement

Generative Artificial Intelligence (AI) is rapidly transforming how financial institutions gather consumer insights and engage with customers. In Canada, banks and insurers are embracing generative AI to gain a competitive edge. Half of Canadian financial institutions were already using AI in 2023, and that share is projected to reach 70% by 2026, signaling that AI-driven strategies are becoming mainstream (Office of the Superintendent of Financial Institutions & Financial Consumer Agency of Canada, 2024). Consultancies note that in Canada alone, generative AI could significantly impact the day-to-day activities of roughly 40% of the workforce (PricewaterhouseCoopers Canada, 2023) – a testament to its broad transformative potential.