ThoughtSpot has published a new report on the future of artificial intelligence and the future of financial services. The publication reveals that 86% of banks and insurance companies plan to increase technology investment in AI by 2025 and outlines how AI is expected to shape the future of the banking and insurance ecosystem.

The survey examined where and to what extent artificial intelligence (AI) technologies are being adopted in this segment of financial services, how these institutions measure their success, what the barriers to progress are, and how these are being addressed.

Based on a study commissioned by ThoughtSpot from the Economist Intelligence Unit (EIU), the report found that while there is a high degree of confidence in the benefits of AI, the reality is that the technology is not widely used: more than half of those surveyed said that AI is not integrated into their company’s processes and offerings, and only 15% said the technology is widely used across the organization.

However, the results that have already emerged, combined with the responses of those respondents who expect to double investment in AI in the short term, show that this technology is destined to experience strong growth in its use in financial services.

“ Nous are already seeing a massive impact of AI on the activities of financial institutions, reducing costs, but more importantly stimulating further growth. The rapid increase in AI adoption and training rates is a clear indicator of the AI revolution that will take place over the next five years années ,” said Sudheesh Nair, CEO of ThoughtSpot.

“ L’IA is the new engine of growth, and unlocking its potential requires investment in talent. Financial services companies need to train and retrain their employees to capitalize on the productivity and innovation gains made possible by IA ”.

AI drives new growth in financial services

Banks and insurance companies see AI as a key element in unlocking new growth opportunities and reducing costs. Respondents made it clear that AI will transform their business in a number of ways over the next five years, including stimulating new products and services (27%), opening up new markets or industries (25%) and paving the way for innovation (25%). Approximately one-third (29%) of respondents expect AI technologies to support between 51% and 75% of their workload in the next five years.

In addition to driving future growth, AI technologies promise significant savings today and in the future: 37% of respondents indicate that their organizations have reduced operational costs through the adoption and use of AI, and 34% expect AI to reduce their expenditures over the next five years. In terms of other benefits of this technology, one-third of respondents each reported increased use of predictive analytics (34%), increased ability of employees to manage workload (33%), and improved client satisfaction (32%).

According to the data, the sector is halfway there in terms of improving the skills of its employees. 49% of respondents reporting that training initiatives for employees to better understand AI are currently in place. 42% have plans to implement them.

“AI has the potential to truly transform the banking and insurance industries,” said Dr. Katya Kocourek, Managing Editor, Thought Leadership of The Economist Group.

“Research shows the progress already made and the path forward to move the industry into the next phase of AI adoption. Like any potentially transformational technology, this will not be a risk-free path, but the impact on the future of banking and insurance is clear and promises to deliver a world of valeur ”.

Challenges ahead

While the long-term prospects for AI in financial services are promising, organizations have concerns about making these advances. The study found that 40% of organizations cite risk, particularly security, as the greatest concern. While 55% of respondents have policies, procedures and monitoring processes in place for AI-based automation, 52% are confident in their ability to address AI-related risks, such as security.

The full report is available in French on ThoughtSpot.com.

Methodology

Sponsored by ThoughtSpot, the study on Artificial Intelligence and the Future of Financial Services is published in a report entitled The Road Ahead: Artificial Intelligence and the Future of Financial Services for banks and insurers, produced by the Economist Intelligence Unit (EIU). The report analyzes the results of a survey of 200 business executives and managers in investment banks, retail banks and insurance companies in North America, Europe and Asia-Pacific whose responsibilities cover both IT and non-IT functions in insurance companies, investment banks and retail banks.

Translated from Rapport de recherche ThoughtSpot : L’intelligence artificielle et le secteur des services financiers