More than two-thirds (76%) of financial services operations leaders in the US believe that using AI would enable them to make faster, more effective decisions, but 62% lack the data management capabilities and data environment to capitalize on the technology’s potential.
That is according to a new international study commissioned by ActiveOps, a provider of AI-powered decision intelligence for service operations.
According to the Censuswide survey, which gathered “insights from Chief Operating Officers, Chief Financial Officers, and Senior Heads of Operations within the US financial services sector, roughly 50% are unable to access real-time data, and two-thirds have legacy data environments that aren’t suited to AI.”
Data is often poorly classified and siloed “across the organization, making it difficult to derive insights and make decisions.”
The findings, which are shared in “an ActiveOps report titled Ready Or Not AI Is Here, reveal that too many financial services leaders in the US struggle to get any meaningful insights from their operational data.”
Around 80% believe it takes “significant effort” to derive meaning “from their data, and one in four are basing critical business decisions on data that is two to three weeks old.”
This is leading to what the report calls “decision paralysis”, and is holding businesses back from adopting AI and using it to its fullest potential.
AI cannot function effectively without “the right kind of data environment.”
Data must be current, contextualized, and “classified in order for AI to perform, and must be accessible holistically throughout the organization.”
While interest in AI among financial services leaders is soaring, “roughly half lack access to this kind of data and two-thirds have data environments that are not AI-ready.”
Summary of key findings:
- 76% believe that if they were using AI, it would enable more effective decision-making
- 62% don’t have the data and environment to fully capitalize on AI
- 4 in 5 believe it takes significant effort to get insights from their operational data
- 1 in 4 base their decisions on data that is at least two weeks old
This friction when it comes to AI adoption “is not unique to the US.”
The same study, which looked at several countries “including Canada, New Zealand, Australia and the United Kingdom, found that, globally, 98% of respondents face significant challenges when adopting AI for gathering, analyzing, and reporting data.”
Spencer O’Leary, CEO of North America at ActiveOps, said their findings clearly show the interest in AI for financial services. At the same time, organizations must ensure their environments are well organized.
“AI will change the game, but only if we play by the right set of rules.”
Research Methodology
ActiveOps commissioned Censuswide to survey “over 850 Chief Operating Officers, Chief Financial Officers, and Senior Heads of Operations within the Financial Services sector, to gather insights on their priorities for 2024, challenges they were experiencing with their operational data and adoption of AI.”
The research was conducted between February and March 2024 in seven countries.
Censuswide abide by and employ members of the Market Research Society which is “based on the ESOMAR principles and are members of The British Polling Council.”
