‘Over half’ of bank execs think AI will have big impact on FS industry

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.”

    Share Story:

Recent Stories

Meet Evelyn, your Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst
Meet Evelyn, an Economic Sanctions/PEP/Adverse Media Alert Adjudication Analyst, who uses native AI/ML capabilities to automate the Customer/PEP screening and Negative News screening alert adjudication processes for leading BFS organizations with greater speed, accuracy, and consistency than human analysts.

New Business Frontiers
FStech’s Mark Evans discusses the future of financial services with Liu Jianning of Huawei, covering the limitations that current thinking can impose, how financial institutions can embrace technology to be both agile and resilient, and making space for the organisation to focus on the job of creating innovative business models and on delivering business value for their customers.

The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.