How AI can help organize your finances
Tonya Hall talks to Dr. Ashok Srivastava, senior vice president and chief data officer at Intuit, about how his company uses AI to make financing easier for individuals and businesses.
The use of artificial intelligence (AI) is quickly expanding within the financial services industry in the US, according to a new report from Broadridge Financial Solutions, a provider of technology to banks, brokers, asset managers, and other businesses.
Broadridge surveyed 153 financial services professionals at the Securities Industry and Financial Markets Association (SIFMA) Operations Conference & Exhibition in May 2019, and found that the sector’s top priority for AI applicationsis data mining, cited by 36% of the respondents. That was followed by post-trade processing (20%), market analytics (13%), and trading systems (12%).
A majority of respondents (84%) said their company is in or past the “Enlightenment Age” of AI, during which they are at or beyond proof of concept. Twenty-nine percent have moved into the “Industrial Age”, with pilot programs, and 20% are in the modern “Information Age,” with AI in full production.
Although most companies in the industry are in some stage of AI adoption or at least exploration, 10% said they have no current plan to leverage AI.
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The top motivations or desired outcomes for investing in AI include increased efficiency and productivity, cited by 53%, enhanced data and security (69%), and the ability to redeploy human capital (51%).
It’s encouraging that a high number of respondents understand the advantages of AI’s capabilities, the report said, but roadblocks continue to impede implementation. Nearly half of the survey respondents (46%) cited legacy technology as their top challenge.
Other challenges are the cost of investment, cited by 31%, and gaining executive buy-in, mentioned by 7%.
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