Despite adoption rates rising in recent years, there are varying opinions from industry leaders regarding the effectiveness of AI in financial activities. A recent report surveyed more than 600 financial leaders, noting 61% of financial organizations currently use, or plan to use, AI for data management, customer insights, and other business functions. However, the research also discovered 32% of respondents saw little return from the investment.
Data and analytics software developer Quantexa and research firm AI Forum released The State of AI in Financial Services. The study unpacks how financial service leaders are integrating artificial intelligence into workflows, and measure the success of these initiatives. .
While it may be surprising to read such a big portion of AI adopters are noticing a low ROI, it’s worth noting many AI investments take some time before reaching full potential. For instance, the report found only 8% of respondents saw outstanding results from AI a few months after deployment. But 41% of respondents using AI for multiple years state positive results.
"Barriers to success for AI projects can be daunting", says incoming Chair of the AI Forum Advisory Board, Ian Gilmour. "An important takeaway from the feedback from respondents is the need for an organization to work with skilled third-parties to augment in-house AI expertise and increase the probability of success
Artificial intelligence is capable of providing real value for financial services, but only if deployed and managed with the necessary expertise. If financial leaders intend to reap the full potential of AI, invest in an experienced development team to ensure it’s utilized properly.
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