- 47% of financial services participants have a positive attitude towards artificial intelligence, 11% have a negative attitude, and the rest are neutral
- 94% of Global Financial Services Respondents Surveyed Plan to Increase AI Investments in the Next Year
- The most common expected impact of Gen AI in financial services is business operations improvement, followed by automation and efficiency gains
SAN FRANCISCO, Aug. 24, 2023 (GLOBE NEWSWIRE) — lucid factorya leading search solution provider, sharing search results from the world’s largest Generative AI Benchmark Study Gathered input from more than 6,000 employees involved in AI technology decisions. The study included respondents from more than 300 financial services firms around the world.read Learn all about it here Complete analysis of the results and 80 identified generative AI best practices.
Research shows that 93 percent of companies across industries plan to increase their investments in artificial intelligence in the next 12 months. 94% of financial services industries plan to increase investment in artificial intelligence within the year. However, the survey found that there were differences across locations. 100% of Chinese financial services employees and 97% of surveyed UK respondents said they plan to increase investment, compared with 91% of US firms.
Industry executives and managers view generative AI overwhelmingly positively, with only 11 percent having a negative view of generative AI. While 47% of respondents have a positive view of the new generation of artificial intelligence, one of the biggest concerns remains security. This concern was common across all industries surveyed, followed by accuracy of AI-generated output, transparency in understanding how AI-based decisions were made, job replacement, and responsiveness in terms of ensuring timeliness and tone.
“Now is the time to realize the potential of generative AI,” said Mike Sinway, CEO of Lucidworks. The rise of the frontrunners and laggards. We already have clients in the financial industry testing new applications of AI in knowledge management and customer experience. Those who can adapt their approach in time have the opportunity to leapfrog.”
The benchmark study also included the following findings:
- Thirty-seven percent of financial services participants who do not plan to spend more have a negative sentiment, compared with only 8% of those who plan to spend more.
- The most common expected impact of Gen AI in financial services is business operations improvement (27%), followed by automation and efficiency gains (16%).
- Companies in the entertainment, technology, and consumer goods industries are the frontrunners in plans to increase spending on generative AI, followed by construction/real estate, financial services, and transportation.
- Global business leaders across all industries surveyed prioritize AI investments in three key areas: improving customer experience, automation and efficiency, and overall business operations.
Lucidworks’ global benchmark study also provides valuable insights for businesses planning to invest in generative artificial intelligence. Through a comprehensive assessment of initiated, planned, and desired best practices, the research enables companies across industries to build tailored generative AI roadmaps. Lucidworks has created an industry map based on four distinct stages of development (Trailblazer, Leader, Challenger, Rookie) in the investment and deployment process to help companies measure their maturity in generative AI adoption and identify potential challenges and opportunities and develop work strategies accordingly.
Read the full benchmark study here And learn more about Lucidworks: Lucidworks.com.
Lucidworks believes that the heart of a great digital experience starts with searching and browsing. Lucidworks captures user behavior and uses machine learning to connect people with the products, content and information they need. The world’s largest brands, including Crate & Barrel, Lenovo, and Red Hat, rely on Lucidworks’ product suite to power commerce, customer service, and workplace applications that delight customers and empower employees. Lucidworks makes search a superpower.For more information, please visit Lucidworks.com.
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