Global Financial Services Bullish On AI, The ‘Disruptive Tech’ Frontrunner
While around two-thirds (65%) of senior financial services industry decision makers globally are “bullish” on so-called disruptive technologies like Artificial Intelligence (AI), blockchain and robotics and see them as having “a positive impact” on their business in the future, a new study reveals only a third (33%) indicate these technologies are being deployed today.
And, with just one in three firms acknowledging that they have reached implementation stage as regards these disruptive technologies despite all the noise and hype around them, widescale adoption is yet to come. That said, there could be some big changes ahead for roles in accounting, compliance and operations.
The findings, which sought to identify the “value-add” delivered by new technologies now and in the future, were derived from interviews with over 500 executives covering the asset management sector, corporate, capital markets and private wealth sectors based in Europe, North America, the Middle East and Asia.
Instead of accelerating towards a technology driven future, the study conducted by Intertrust, listed on Euronext and global provider of expert administrative services to clients operating and investing in the international business environment that services six of the top 10 companies in the Fortune 500, has suggested the industry is taking a “more measured approach” to matters.
Among those canvassed, 65% of respondents believe disruptive technology will deliver the most value by driving back-end operational efficiencies, particularly in areas such as KYC reporting, due diligence and compliance.