AI has the potential to transform financial sector, say 67% of finance workers

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13th November 2019 11:26 - Financial Services

AI has the potential to transform financial sector, say 67% of finance workers: A recent survey of people who work in finance has found that two thirds believe investment in artificial Intelligence (AI) has the potential to transform many practices within the industry.

The research by Nuxeo, titled Information Intelligence & Innovation: How UK Financial Services is shaping up for 2020, asked 500 UK financial services workers about their opinions towards AI and the current practices and experiences within their organisation. 

When asked about how AI is used within their company, the research found that many businesses are yet to adopt AI capabilities in many areas. It found that four in ten (41%) use AI for data analytics, while just a third (34%) use it to help  improve customer service. A third of respondents said AI is used for automating backend processes, while 29% use it for searching for information. Two thirds of respondents (64%) said that if their if their company used AI for backend processes - they would have more available time to undertake more important work. 

Almost half of the finance workers polled (45%) said that their organisation's failure to introduce  AI fast enough was having an impact on their daily workload, while almost six in ten said there was a lack of AI talent or expertise within their company. 

When asked about how they store information, the research found that 42% of employees have to search across multiple systems to find what they need, taking on average, 52 minutes a day. Three quarters said that their current system set up means that content and information cannot be shared between systems. The average number of systems used was nine. 

Other barriers to finding information included information being named incorrectly - with a third revealing this was the case within their company (33%), while a little over a fifth (22%) said employees did not have the necessary tools to find information.

More than half the respondents polled (58%) said they feel a company which embraces AI is more appealing to them as a place to work. 

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