The research shows that outside of ChatGPT, which three-quarters of banking professionals have used, familiarity with specific generative AI tools is low and opportunities for education on what those products do are plentiful.
NEW YORK, March 20, 2024 /PRNewswire-PRWeb/ -- Arizent, the parent company of American Banker, an information resource serving senior executives in financial services, publishes its Unleashing the Power of AI research report. Sponsored by i2c Inc., the report's findings reveal that outside of ChatGPT, which three-quarters of banking professionals have used, familiarity with specific generative AI tools is low and opportunities for education on what those products do are plentiful.
The research shows that 76% of banks surveyed believe AI will redefine the nature of jobs in the industry without eliminating them on a large scale. In fact, 36% believe AI will produce more job opportunities.
Only 37% of banks are actually in the process of implementing the technology, though, and this is happening most among global and national banks with more than $100 billion in assets. In the current landscape, banks are moving cautiously — most are in the early stages of educating themselves about generative AI, forming strategies and piloting small-scale implementations — as they navigate concerns about accuracy, ethics and the potential loss of the personal touch.
"Although there is clear AI adoption happening in the banking industry, there is a need for proper training to harness its full potential," Janet King, Vice President of Arizent Research, says. "We also found that professionals see AI as enhancing their jobs and creating new ones as opposed to replacing headcount."
The report also highlights how the usage of AI presents a significant opportunity for enhancing banking efficiency and security, and is already being used for back-office tasks and risk mitigation.
"When asked directly, 76% of professionals believe AI will restructure current job roles without eliminating them," King continues. "We found the hesitancy towards AI adoption comes mostly from professionals of companies with less experience with it."
Although there is a cautious approach to the impending implementation of AI as a whole, optimism remains high for a promising trajectory.
To read read more about the intersection of personal and professional AI use, sentiment regarding risks and benefits, current organizational use and the predicted impact on the workforce, download the full report here: https://www.americanbanker.com/research-report/preparing-for-bankings-ai-revolution
Research Methodology
This research was conducted online by Arizent in January 2023 among 127 banking professionals across job titles and functions. Respondents break out as follows:28% executives (C-level and SVP); 34% upper management; 21% managers; and 17% non-management staff. The average bank size measured by assets is $81.4 billion.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About American Banker
American Banker empowers banking professionals with unique analysis and insight into the ideas transforming their business and industry. Across its journalism, events, research and benchmarking, it helps drive the way forward through the complexity of business innovation, retail and commercial disruption, technology, regulation and reform. With a banking community 850M strong, American Banker's content connects leaders online, in person and in print every day.
About Arizent
Arizent is a business information company that advances professional communities by providing insights and analysis and convening industry leaders. The company uses deep industry expertise and a data-driven platform to deliver its services, which include subscriptions, marketing services, live events and access to Leaders, an executive forum. Arizent also connects business communities through leading financial services brands like American Banker, The Bond Buyer, Financial Planning and National Mortgage News, as well as professional services brands like Accounting Today, Employee Benefit News and Digital Insurance.
About i2c Inc.
i2c is a global provider of highly configurable banking and payment solutions. Using proprietary building block technology, clients can easily, quickly and cost-effectively create, launch and manage a comprehensive set of solutions for banking, credit, debit, and prepaid programs. i2c delivers unparalleled flexibility, agility, security, and reliability from a global, unified banking and payments platform. Founded in 2001 and headquartered in Silicon Valley, its next-generation technology supports millions of users in more than 200 countries/territories and across all time zones. http://www.i2cinc.com
Media Contact
Aaron Boscanin, Arizent, 212-803-8500, [email protected], www.Arizent.com
SOURCE Arizent
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