A new study has revealed that the usage of artificial intelligence (AI) and machine learning (ML) in financial services (FS) is rising significantly.

The study, conducted by market research firm TABB Group and commissioned by augmented intelligence solutions provider Squirro, has found that 83% of banks evaluated the new technology while 67% have deployed AI and ML solutions.

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It included 200 global tier one and tier two banks and the research concluded that AI is the most important ‘disrupter’ for banks today.

Overwhelming 87% of the respondents stated that the usage of AI will be highly impactful if it can identify relevant events and help in closing a deal.

However, the study also revealed that 83% of the respondents are unaware how to utilise the technology to streamline business.

Squirro VP customer success Miguel Rodriguez said: “The potential of augmented intelligence to support relationship managers with data driven lead sourcing and next best action recommendations is starting to gain real momentum.

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“Investment banking as an example is highly competitive and anything that provides an advantage will be seized upon, although investment banks could use AI even more effectively by deploying it to enhance specific business processes.”

The research found that 84% of respondents favour a real-time 360° Client View stating that combination of internal and external data was either important (17%) or very important (67%), to gain   insights.

Most of the banks want AI insights to be delivered using existing methods and intend to integrate AI in current workflows.

All respondents said they would want AI-driven recommendations though email, while 83% wanted the technology in their CRM system.

Only 17% of respondents wanted AI-driven recommendations through mobile.