According to Global Artificial Intelligence in Financial Services Survey by EY (Ernst & Young, artificial intelligence will be an essential business driver for financial services within two years. 64% of senior executives surveyed in the financial services industry expect to use AI for new revenue generation, process automation, risk management, customer service and client acquisitions within two years.

EY, the international consultancy and audit company, announced findings from Global AI in Financial Services Survey, a new global survey assessing the current state of artificial intelligence (AI) adoption by financial services organizations. According to the survey which was conducted by the attendance of 151 market leaders from 33 countries, Led by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School and the World Economic Forum, and co-sponsored by EY and Invesco; the survey reveals striking findings about the future expectations of financial services companies. 77 percent of the participants anticipate that AI will possess high or very high overall importance to their businesses in 2020 and 2021.

New use cases for artificial intelligence continues to emerge

The study also revealed that 85% of respondents have already implemented AI within their organizations and expect to use AI for new use cases in the coming years. Additionally, nearly two-thirds (64%) expect to use AI for new revenue generation, process automation, risk management, customer service and client acquisitions within two years.

Data quality, access to data and competition for talent create challanges

Increased adoption of AI technologies across the financial services industry also comes with challenges, as data quality, access to data and competition for talent are all seen as major obstacles to implementing artificial intelligence by more than 80% of senior executives. When it comes to respondents who predominantly use autonomous AI, the attitudes shift, with 80% of respondents perceiving trust and user adoption to be the most significant hurdle.

Falling behind in AI may cause the loss of competitiveness

“Artificial intelligence is reshaping the financial services sector, and we estimate that its wide-scale adaptation will continue throughout the sector. As advanced technologies pioneer new business models and transform the business functions, organizations need to focus on the long-term impacts of adaptation to artificial intelligence. Financial services providers that fall behind the adaptation to AI may lose their competitiveness,” said Onur Doğan, Country Managing Partner at EY Turkey & Central, Eastern and Southeastern Europe Digital & Technology Leader.