A recent study by Quantexa has found that up to 61% of those in financial services use or plan to use AI.
The study – titled the State of AI in Financial Services: Global Survey Results – shares findings based on a survey of over 600 senior business and technology managers in the global financial services industry that looks at how AI is being applied in certain use cases.
Despite this high uptake or planned uptake in financial services, up to 31% of respondents said they were still waiting for return on investment. Up to 41% of respondents said that they’re seeing good ROI from AI projects over multiple years, however, only 8% cited having seen outstanding results from AI within a few months.
The survey also found that one third – 33% – of respondents cited data readiness, the ability to integrate internal and external data sources and making AI operational as the two three challenges for AI adoption.
Quantexa also found that over a quarter of respondents had either begun or adopted an AI program, at 13% and 18% respectively, while 35% said that they are still in the test-and-learn phase of AI adoption.
Traditional AI use cases for AI in financial services, specifically related to customer onboarding and risk detection, accounted for 29% of primary use cases. However data managements and customer insights polled highest at 13% each.
Quantexa CEO and founder Vishal Marria said, “Data is becoming ever more important as organizations increasingly digitize. However, these huge waves of data often lead to decision gaps that plague organizations, leaving them unable to extract meaningful value. AI and technological advances such as entity resolution are helping close this data decision gap in a strategic and measured way, allowing organizations to connect siloed data to create a meaningful connected view, that directly leads to higher accuracy, productivity and ultimately trusted decision making.”