In the modern era, the most important asset organisations can have is data. However, accessing and analysing this data efficiently requires technology. Research from AI-powered decision intelligence for service operations provider, ActiveOps has found that organisations are turning to AI to solve this issue.
In its research, Ready or not AI is here, ActiveOps finds that 46 per cent of businesses are already aware of the benefits of AI and are integrating the technology. However, due to them being at an early stage in development, it is critical firms address challenges like a lack of data skills, inconsistent use of terms or metrics across a business and a lack of support from other departments so that AI’s potential can be unlocked.
ActiveOps commissioned market research of over 850 chief operations officers, chief financial officers, and senior heads of operations across the globe to better understand the current data landscape, as well as AI adoption and maturity within operations in financial services.
Many firms have turned to AI as a way of making more informed decisions. In fact, 73 per cent 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.
The report also found that the majority believe that customer experience (75 per cent), operational performance (72 per cent), and cost control (72 per cent) will be bolstered compared to current performance using AI. Consequently, they will be empowered to make decisions that will have a tangible impact on outputs.
Growing demand
Kuljit Bawa, managing director, EMEIA at ActiveOps
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.”
Shifting trust
There are many reasons to feel optimistic about the direction of travel that financial services organisations are taking when it comes to AI adoption. Thirty-four per cent of UK operations leaders believe that AI will enable deeper, more meaningful insights. Meanwhile, 33 per cent believe it will automate more tasks to increase efficiency. In a year, 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.
Bawa 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.”
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