Future of Work News Free eNews Subscription

Financial Services Deploying AI with Lackluster Results

By

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.




Edited by Maurice Nagle
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

Future of Work Contributor

SHARE THIS ARTICLE

Related Articles

Security Concerns Hinder Adoption of GenAI in Major Companies

By: Stefania Viscusi    3/28/2024

PagerDuty announced the latest findings from its recent study which sheds light on the sentiments of technology executives at America's largest compan…

READ MORE

EU AI Act Spurs Credo AI's AI Governance Platform Enhancements

By: Greg Tavarez    3/28/2024

Credo AI announced the introduction of enhancements specifically designed to empower comprehensive GRC for AI systems.

READ MORE

Having Secured $1M in Pre-Seed Funding, QuantexAI Aims to Seamlessly Democratize Data for Enterprise Users

By: Alex Passett    3/27/2024

QuantexAI recently announced that it successfully secured $1 million during its pre-seed funding round, marking a major step forward for the QuantexAI…

READ MORE

Research Highlights the Challenges of Data Privacy in AI Technology Pursuits

By: Tracey E. Schelmetic    3/27/2024

Recent research released by Info-Tech Research Group in the form of a report entitled "Conduct an AI Privacy Risk Assessment" found that AI's reliance…

READ MORE

Unified Office Integrates AI-Powered Coaching During Calls

By: Greg Tavarez    3/26/2024

The expansion of TCNIQTM utilizes AI to transform voice interactions by creating the ability to coach employees in real-time.

READ MORE