Mass Adoption of AI in Financial Services Expected Within Two Years

Highlights from the Survey

  • China, US, and UK are the top three countries represented in the survey.
  • 85% are currently using some form of AI.
  • 77% anticipate that AI will have high/very high importance to their businesses within two years.
  • 64% expect to become mass adopters of AI within two years.
  • 52% are currently implementing AI-enabled products and processes.
  • 50% expect a big competitive threat from tech companies leveraging AI to enter the financial services sector.
  • 23% of respondents are at the forefront of AI implementation.
  • 16% of respondents are lagging behind in AI implementation.

Insights from the Survey

  • AI is changing how financial institutions generate and utilize insights from data.
  • New AI-enabled business models focus on creating a reimagined customer experience.
  • AI can help personalize investments based on individual goals.
  • AI is driving business model innovation and creating opportunities for new revenue streams.
  • AI is expected to reward early movers with the potential to establish barriers to entry and increase the likelihood of a winner-takes-all scenario.
  • At the end of the survey, respondents were given an opportunity to share their comments about AI-related areas which they believe their senior management should to understand more deeply. The subject mentioned the most — especially by banks — was uncertainty about the value proposition of AI in financial services.
  • Respondents see a need to identify AI-driven business cases with attractive ROI to improve management’s understanding of the tangible benefits of AI in financial services.

My comments about the Survey

Convergence

Optimized Banks

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Co-founder Jthereum www.margaretta.com

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Margaretta Colangelo

Margaretta Colangelo

Co-founder Jthereum www.margaretta.com

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