For years the finance industry, which encompasses organizations in financial services, insurance, and banking, has been a strong adopter of artificial intelligence (AI).
Financial organizations are using artificial intelligence in multiple ways, including to improve service, better understand customers, gauge risk and predict market movements, and speed claims processing.
For example, chatbots and natural language processing (NLP) assist with customer support, Optical Character Recognition (OCR) helps with the ingestion of information from documents, computer vision analyzes images and videos to speed claim processing, and machine learning models assess risk, detect fraud, and help determine rating and pricing.
Results from GlobalData’s 2021 ICT Customer Insight survey reveal that between 25-27% of digital spending by companies in finance will go towards artificial intelligence and machine learning.
Interestingly, GlobalData’s survey indicated that the portion of budget allocated to disruptive technologies is slightly higher for small financial organizations than for the largest businesses, as show in Figure 2. However, the distribution of spending among technologies is roughly similar, with 25-27% of disruptive tech spending going to AI across companies of all sizes.
The key takeaway from these survey results is that AI platforms need to offer tools and capabilities for a broad audience, including companies that can afford to hire in-house AI experts, as well as organizations relying on non-AI specialists to incorporate AI-driven features into applications.