Generative AI has significant benefits but also introduces new challenges such as hallucination, inherent biases, and ethical concerns that financial institutions must consider when adopting this technology. The adoption of generative AI requires a measured approach, a strategic and comprehensive approach that encompasses various aspects of technology, data, ethics, and organizational readiness. Financial institutions must ensure the quality, relevance, and accuracy of data being used for AI training and decision-making, invest in training programs to address the skills gap in AI, develop new governance frameworks and controls, monitor and continuously improve their AI systems, design them with scalability in mind, implement robust cybersecurity measures to safeguard AI models and the data they rely on. Additionally, MongoDB can help financial institutions overcome their data challenges by serving as an operational data store with a flexible document model, enabling efficient handling of large volumes of data in real time.