AI is set to transform financial services organisations, but many are behind the curve. Operations leaders are now recognising the shortfalls of not having access to the data they need and see the significant benefits that AI can bring.
New research from ActiveOps, provider of AI-powered Decision Intelligence for service operations, has found that almost half (46%) of businesses are only just starting out with AI – signifying a demand for this transformative technology.
73% of financial services operations leaders believe that if they had access to trusted, accurate operational data in real time, they would be able to make better decisions – helping their business to achieve goals in the coming year. The majority also believe that customer experience (75%), operational performance (72%), cost control (72%) will be bolstered compared to current performance, as real-time data gathered, organised and analysed by AI will empower them to make decisions that will have a tangible impact on outputs.
Almost half of UK financial services organisations only just starting out with AI. Therefore, it’s critical that challenges such as the lack of data skills, inconsistent use of terms or metrics across a business and a lack of support from other departments are overcome, so that potential can be unlocked.
Kuljit Bawa, Managing Director, EMEIA at ActiveOps said: “It’s positive to see that despite the current challenges facing financial services organisations, there is a growing demand for AI that is bolstered by a great deal of optimism about impact that it will have on operations teams and businesses as a whole.
“Four out of five leaders are aware of the advantages that AI can bring, especially when it comes to managing and overseeing large scale operations, and that really is half the battle. Our research makes it crystal clear that belief in its potential aren’t the inhibitors to AI adoption. In fact, this is what will propel it into tech stacks across the UK and unleash the power of real time data.”
There are many reasons to feel optimistic about the direction of travel that financial services organisations are taking when it comes to AI adoption. 34% of UK operations leaders believe that AI will enable deeper, more meaningful insights while 33% believe it will automate more tasks to increase efficiency. In a years’ time, over a third want AI to suggest what they should do based on predictive insights, suggesting a promising shift in the levels of trust in AI.
Kuljit added: “There are high hopes for the value that AI can bring to businesses. Not only in the impact that it will have, but what operations leaders want AI to give them, such as providing suggested actions, predictions that will offer direction for decision making and insights into the current state of play within their department and beyond.
“This is an exciting development on the path towards fully trusting technology and letting it do what it does best, so that ultimately, the business can perform better. The key takeaway is that if you have access to real-time data, your business will lead the pack. If you need to catch up, now is the time to do it.”
ActiveOps commissioned market research of over 850 Chief Operations Officers, Chief Financial Officers, and Senior Heads of Operations across the globe – including the UK, Republic of Ireland, US, Canada, Australia, New Zealand and South Africa – to better understand the current data landscape, as well as AI adoption and maturity within operations in financial services.
To find out more, read the full whitepaper here.
