At the recent FWD23 summit hosted by the consultancy, 80 senior leaders from the UK’s largest financial services brands were asked: “What will help your organisation harness the power of AI and unlock innovation?”.
According to the survey, 98% of C-suite and VP-level respondents said they would not need to convince others that AI “is the future” of financial services. Another 30% answered “moving past the hype cycle and realising actual value” would help their organisation harness the power of AI.
In addition, 50% of the attendees think identifying AI use cases would help them adopt the technology faster; thirty-four per cent of them expect the “use cases” to demonstrate that AI can change customer experience.
Phil O’Neill, director of financial services at Kin + Carta Europe, commented on the findings: “Financial services are no stranger to disruption, but unlike previously, there seems to be a sense of common thinking across the sector – AI is here to stay.
“But we are not there yet”, O’Neill added. “As the survey results suggest, we need to be moving beyond the hype and actually prove the use cases and value the application of artificial intelligencecan deliver. Only then, with the right data foundations in place, will we see the more profound applications of AI come to the fore.”
In the financial services sector, generative AI is changing the way banking works, with new technologies providing personalised customer experiences, enhanced decision-making capabilities, and efficient automation of processes. By analysing vast volumes of data, generative AI enables financial institutions to adapt to the changing conditions, and detect and prevent fraud, says GlobalData, publishers of RBI.
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Overall, over three-quarters of industry executives expect “disruption” in 2023 from AI, according to a survey conducted by GlobalData during Q1 2023. Company analysts expect the global AI revenue to hit $909bn by 2030, growing at a CAGR of 35.2% between 2022 and 2030.
“Industry leaders can see the positive impact that artificial intelligence will have on financial services”, O’Neill from Kin + Carta Europe noted. “But only if we think pragmatically, build tools responsibly, and understand limitations will we reach that AI mecca where it is actually making a worthwhile difference.”