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Artificial intelligence in financial industry lagging behind other industries

The ‘Artificial Intelligence in Banking’ digital banking report surveyed banks and credit unions across the global to determine the extent of the development of artificial intelligence functionality in the banking industry. The findings indicate that industry-wide deployment is far behind other industries. In fact, many organizations are not even considering developing artificial intelligence solutions within the next 18 months. This has left the door open for forward-thinking financial institutions to gain an advantage from the fact that consumers are being trained by companies like Amazon, Google, Facebook and Apple to expect companies to use artificial intelligence to personalize all experiences.

The main challenge keeping financial institutions from implementing their own artificial intelligence solutions is a lack of qualified personnel. The vast majority of financial services organizations do not have the internal resources available to deploy single, let alone multiple, artificial intelligence solutions. Not only is available talent in short supply, but convincing talented technology and analytic experts to become an employee of a bank or credit union is not an easy task. This leaves most organizations with a decision of whether to buy or partner with a specialized solution provider in order to deploy artificial intelligence solutions.

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