In its Generative AI (Gen AI) 2023 survey, Ernest and Young (EY) reveals that 99% of financial services executives surveyed said their organization was deploying AI in some way, with Generation AI being the primary use case.
However, among financial services executives surveyed, more than one in five say they are nervous or skeptical about the potential impact of Generation AI on their organization – but nonetheless appear ready to move forward.
Insurance professionals are the most uncertain about the impact of Generation AI, with 24% falling into the nervous and skeptical category.
AI Outlook: Is There Optimism for the Future?
David Kadio-Morokro, EY The US leader in financial services innovation says: “While there is a world of possibilities and efficiencies that AI can create for financial services in areas ranging from data analysis to Customer service optimization, blind optimism and hype around technology can ultimately have a counterproductive impact on a financial sector. business.
“We like to take an ‘innovation intelligence’ approach to putting artificial intelligence to work: planning, education and an agile test and learn strategy for implementation are imperative for those who are looking to make the most of the potential benefits of AI.
So, for those who are skeptical about the impact that AI could have on their business, EY suggests that a thorough plan be implemented to ensure that AI generation is tailored to the specific needs of the business. With proper planning and preparation, businesses can be optimistic about the positive impacts of AI.
Indeed, 55% of those surveyed by EY feel supportive and optimistic about the use of AI today, while 77% believe the AI generation will benefit the financial services industry as a whole over the next five years. to the next ten years.
AI Implementation: The Obstacles
Of course, for some, there are still hurdles to overcome to implement AI generation as effectively as they would like. 40% of those surveyed by EY say they lack the appropriate data infrastructure to make the most of AI generation, while 35% lack technology infrastructure.
Elsewhere, 36% cite a lack of executive commitment to Generation AI as a deployment challenge, and 33% believe that the governance and ethical framework surrounding Generation AI remains unclear.
Sameer Guptaleader in advanced analytics at EY Americas Financial Services Organization, adds: “Generation AI has the potential to revolutionize a wide range of business functions.
“With each new wave of innovation in AI and analytics, it becomes increasingly clear how important it is to have a technology stack built on a solid foundation.
“Our role is to help financial services organizations ensure their existing data and technologies are flawless before adding AI applications to existing systems.
