The latest survey from the World Economic Forum reveals AI adoption will increase across the financial industry within the next two years.
A joint survey released by the World Economic Forum and Cambridge Centre for Alternative Finance (CCAF) reveals that while only 16% of companies in the financial sector are using AI tools today, over the next two years, the number is bound to increase to a huge 64% of all financial services brands.
What is even more interesting is that 77% of them say they expect AI will become essential to their business. The survey titled ‘In Transforming Paradigms: Global AI in Financial Services Survey’ is based on more than 150 senior financial services executives in FinTech and incumbent financial institutions.
As per the survey, the majority of enterprises – 60%- invest less than 10% of R&D resources in AI despite evidence of accelerating returns. The financial companies expect to use AI for other factors besides cost reduction, client acquisition, revenue generation, process automation, and customer service. According to the survey, the majority of FinTech firms are creating AI-based products and services that are employing autonomous decision-making systems,