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.”
Latest News
-
BBVA to roll out genAI tools for 100,000 employees in partnership with Google
-
Qonto applies for banking license in France
-
FCA expands bullying and harassment rules beyond banks to 37,000 firms
-
Zopa opens Manchester office with plans for 500 jobs
-
Government plans new tools to help FinTechs navigate complex regulation
-
Paxos launches dollar stablecoin in the EU
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Transforming document management into a strategic advantage for financial institutions
In this exclusive fireside chat, John Rockliffe, Pre-Sales Manager at d.velop, discusses the findings of Adapting to a Digital-Native World: Financial Services Document Management Beyond 2025 and explores how FSIs can turn document workflows into a competitive advantage.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories