New Arizent Research, the Future of the Data-Driven Workplace, Analyzes Artificial Intelligence Implementation in Financial Services and the Benefits It Provides
A new survey conducted by Arizent, parent company of American Banker, Digital Insurance, National Mortgage News, Financial Planning and other leading information brands for financial and professional services, finds that nearly 90% of leaders at financial services firms believe their companies are taking the necessary steps in data access, management and integration efforts to stay competitive.
Despite the near-unanimous confidence, the report, titled The Future of the Data-driven Workplace, had just 51% of respondents say their companies are actively implementing AI and machine learning tools beyond planning and investigative phases.
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The research indicates that financial services put fraud detection and risk management at or near the top of their AI and ML priorities. Beyond security, companies most often devote AI and ML tools to common business functions like operations, marketing, accounting, finance and customer engagement.
“This report is a deep dive into the AI playbooks of financial leaders, including their achievements, shortcomings, concerns and projections for further AI integration,” said Janet King, Arizent’s Vice President of Research. “For many companies, the road to implementation is costly and arduous. This research shines a spotlight on both the benefits of successful integration and the major factors inhibiting adoption.”
According to the report, those challenges range from bad data and high costs to a lack of talent. Of the 192 respondents who say their firms are either still investigating or have no plans to implement AI, one in three cite a skill deficit within their own company.
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