While AI has become a crucial part of the financial sector, 78% of UK financial services leaders are unable to keep pace with the speed of model and data growth.
The finding comes from SambaNova Systems’s new research on the adoption of AI within in the UK’s financial services sector.
Its report found that three-quarters of finance technology leaders in the UK are already adopting AI models and algorithms.
As mentioned, many are struggling to keep pace with changes in the technology, but another major challenge is hiring staff with skills in AI and machine learning, with 70% of respondents experiencing this. Over half (52%) of IT managers said they have the budget to hire additional resources for their teams.
Another challenge, with 67% stating this, is a difficulty finding or customising models and algorithms.
SambaNova SVP Product Marshall Choy said, “AI is becoming a huge driver of value to businesses and is set to contribute trillions to the global economy over the next decade. Progressive business leaders are realising the value of AI. However, benefiting from it requires technology teams to deliver; this is where difficulty surfaces for most organisations in the financial sector.”
The report also highlighted that 56% of firms believe AI will have a “transformational” or “significantly improve the business” impact on business in the next 12-24 months.
FinTech Global recently spoke with a number of insurance leaders to get their real perspectives on AI technology. Find out what they had to say here.
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