Following my initial review of how financial services firms are getting on with artificial intelligence (AI), I was interested in finding out more about adoption of AI and related technologies such as RPA and the technical challenges companies currently face, as well as near-future evolution at sector organizations.
According to the study Digital Pinnacle Enterprises by analyst firm Everest Group, of the 55 financial services organizations polled, 16% adopted AI most effectively while 89% of those had already invested in AI in some form or other.
The most common AI uses in the sector were for sentiment analysis for marketing, personal finance virtual agents and financial and advisory virtual agents. Another Everest study of 12 property and casualty insurance companies last year showed that 29% were running AI pilots and 50% were seriously considering it.
RPA is much more pervasive than AI in the sector: Everest data shows that banks and financial firms account for 40% of the RPA independent software vendor market. In the insurance study, 93% of the sample had already deployed RPA – by comparison, some 29% had implemented AI. There is a number of ways in which RPA can support automation in financial services, according to Sarah Burnett, research vice president at Everest Group.