The report provides insight into how business leaders are integrating, governing and securing AI and data analytics in meeting internal and customer-facing objectives
NEW YORK, July 25, 2022 /PRNewswire-PRWeb/ -- A new survey conducted by Arizent, parent company of American Banker, Digital Insurance, National Mortgage News, Financial Planning and other leading information brands for financial and professional services, finds that nearly 90% of leaders at financial services firms believe their companies are taking the necessary steps in data access, management and integration efforts to stay competitive.
Despite the near-unanimous confidence, the report, titled The Future of the Data-driven Workplace, had just 51% of respondents say their companies are actively implementing AI and machine learning tools beyond planning and investigative phases.
The research indicates that financial services put fraud detection and risk management at or near the top of their AI and ML priorities. Beyond security, companies most often devote AI and ML tools to common business functions like operations, marketing, accounting, finance and customer engagement.
"This report is a deep dive into the AI playbooks of financial leaders, including their achievements, shortcomings, concerns and projections for further AI integration," said Janet King, Arizent's Vice President of Research. "For many companies, the road to implementation is costly and arduous. This research shines a spotlight on both the benefits of successful integration and the major factors inhibiting adoption."
According to the report, those challenges range from bad data and high costs to a lack of talent. Of the 192 respondents who say their firms are either still investigating or have no plans to implement AI, one in three cite a skill deficit within their own company.
Alongside that concern, 27% of those same survey takers say AI is too difficult to implement.
Each Arizent brand — American Banker, Digital Insurance, Financial Planning and National Mortgage News — will share further analysis on the impact of data and AI implementations on their respective communities in the coming months.
The full report can be downloaded at https://www.americanbanker.com/research-report/the-future-of-the-data-driven-workplace
Research Background/Methodology
Arizent, the parent company of American Banker, Digital Insurance, National Mortgage News and Financial Planning, conducted this research online during May 2022. Respondents were screened for involvement with their organization's data and analytics initiatives, and a total of 386 management level respondents from banking, mortgage, insurance and wealth management verticals completed the survey.
Survey takers ranged from managers to C-level executives, with 61% describing themselves as a department or division head, vice president or higher. The majority of participants, or 68%, say they are a lead or key stakeholder in their firm's implementation of advanced data management processes and analytics tools, and 25% report they are either a contributor or participant in the process.
For more information on this survey or other Arizent research, contact:
Janet King
Vice President, Research
Arizent
[email protected]
M 207-807-4806
About Arizent Research
Arizent Research delivers actionable insights through full-service research solutions that leverage their first-party data, subject matter expertise, and highly engaged communities across the banking, payments, mortgage, insurance, municipal finance, accounting, HR/employee benefits and wealth management communities. They conduct research to support original insights and analysis for their various editorial and content brands, as well as custom research programs for clients in the industries they serve.
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.
SOURCE Arizent
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