More than two-thirds (67%) of people working in UK financial services believe that artificial intelligence (AI) has the potential to transform practices in the sector.
Content services provider Nuxeo surveyed 500 financial services employees to find out their thoughts about AI and the current practices and experiences within their organisation.
The research suggests that firms have been slow to adopt AI across many business functions. Four in ten (41%) use AI for data analytics, while just a third (34%) use it to help improve customer service. Another third (33%) of respondents said that AI is used for automating backend processes, and 29% of firms use it for searching for information.
Almost half of the finance workers surveyed (45%) said that their organisation’s failure to introduce AI fast enough was having an impact on their day-to-day work. Two-thirds (64%) said that if their company used AI for backend processes it would free up their time to do more important tasks.
The technology can also have a positive impact on the workplace itself: 58% feel that a company which embraces AI is more appealing to them as a place to work.
“AI can be genuinely transformative in financial services (FS) but it would appear that many organisations are still thinking about deployment, rather than getting on with it,” said Chris McLaughlin, chief product and marketing officer at Nuxeo.
“It’s a challenging landscape in FS right now and firms need to improve the user experience and improve productivity, and AI can play a significant role in achieving these goals.”
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