61% of financial service organisations are using AI, or plan to in the future, survey reveals

61% of financial service organisations are using AI, or plan to in the future: A recent survey into the use of artificial intelligence in financial services has revealed that over six in 10 companies in the sector are using, or are planning to use AI in the future. However, almost a third (31%) say they are still waiting for a return on their investment when it comes to AI. 

 

Furthermore, 35% said they were in a 'test-and-learn' phase of AI adoption showing room for growth in the sector.

 

The survey, by Quantexa and AI Forum, polled 640 senior business and technology managers with most coming from North America (56%) and Europe (31%). The study aimed to understand how AI is used in companies today, and how they plan to use it in the future.

 

When asked about the reasons for not using artificial intelligence in the near future,  respondents cited ‘data readiness’, the ‘ability to use internal and external data’, and ‘making AI operational’ as the three main issues.

 

The study also looked into the main uses for AI, with risk detection and customer onboarding accounting for 29% of all primary usage.

 

Although many people are not seeing a big enough return on investment through artificial intelligence, 41% of those surveyed said their ROI was good; with 8% stating an outstanding return.

 

Vishal Marria, Chief Executive and Founder of Quantexa, said: “AI and technological advances such as entity resolution are helping close this data decision gap in a strategic and measured way, allowing organizations to connect siloed data to create a meaningful connected view, that directly leads to higher accuracy, productivity and ultimately trusted decision making.”

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