More than 56 per cent of banking leaders believe AI will have a significant impact on business within two years, according to new research by SambaNova Systems.

The report, commissioned by the AI and deep learning software solutions platform, sought to understand more about the deployment of AI-based solutions in the UK’s financial services sector.

The top challenges cited by the 125 financial service leaders surveyed around the deployment of AI-based solutions were: keeping up with the pace of AI, 78 per cent; recruiting staff with appropriate skills and knowledge, 70 per cent; and finding and customising the right algorithm models, 67 per cent.

Commenting on the research, Marshall Choy, SVP product at SambaNova, said: “AI is becoming a huge driver of value to businesses and is set to contribute trillions to the global economy over the next decade.

“Progressive business leaders are realising the value of AI. However, benefiting from it requires technology teams to deliver; this is where difficulty surfaces for most organisations in the financial sector.”

Choy added: “The research shows that financial services decision-makers understand the value they can derive from AI today.

The rapid pace of innovation has presented challenges to technology teams in keeping up.”

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