New Research Shows That Over Half of Banking Leaders Expect to See Significant Business Impact from AI Within Two Years but Challenges Around Technology and Skills are Holding Them Back
Report commissioned by SambaNova uncovers top challenges in deploying AI. These include: Keeping up with the pace of AI (78%); Recruiting staff with appropriate skills and knowledge (70%); Finding and customising the right algorithm models (67%)
London, June 30, 2022 – SambaNova Systems, the company delivering the industry’s only comprehensive software, hardware, and solutions platform to run AI and Deep Learning applications, today announces the results of new research into AI adoption within financial services organisations in the UK. The study of enterprise leaders sought to understand the challenges when delivering AI-based solutions during a period of accelerated change and transformation.
“AI is becoming a huge driver of value to businesses and is set to contribute trillions to the global economy over the next decade,” said Marshall Choy, SVP Product at SambaNova. “Progressive business leaders are realising the value of AI. However, benefiting from it requires technology teams to deliver; this is where difficulty surfaces for most organisations in the financial sector.”
The data from the study shows that over three-quarters of finance technology leaders in the UK are already adopting AI models and algorithms. However, the study uncovered a number of clear challenges, from skills to technical, that are facing banking leaders today.
Top three UK enterprise challenges highlighted in the research include:
- Keeping pace with the speed of model and data growth – 78%
- Hiring staff with appropriate skills in AI/ML – 70%
- Finding or customising models and algorithms – 67%
Choy commented on the findings: “The research shows that financial services decision-makers understand the value they can derive from AI today. The rapid pace of innovation has presented challenges to technology teams in keeping up.”
Skills have become the limiting factor for AI implementation in banking
For banking leaders, AI is a driver of business value and more than half (56%) said that AI’s business impact will be “transformational” or “significantly improve the business” over the next 12-24 months.
For technology leaders in financial services, finding skilled staff across all technology disciplines is difficult. However, the challenge is particularly acute in the specialist field of AI.
52% of IT managers reported that they have the budget to hire additional resources for their AI teams while 70% said that hiring the skilled staff is challenging. Over half (52%) said that retention is a challenge too.
“You’d be hard-pressed to find an area of technology that is being developed more intensely than AI, especially around large language models such as GPT,” said Chris Kenny, General Manager, EMEA at SambaNova. “The opportunity these models deliver is there for the taking, although technology teams often don’t have the resources or expertise to take advantage of the opportunity.”
“For enterprises struggling to deliver on business leaders’ demands, deploying AI as a service is a fast track, a scalable way to avoid falling behind their competitors,” continued Kenny. “AI is already here at most financial organisations.”
Notes to the editor:
- The research surveyed 125 financial services enterprise leaders between May 20, 2022 and May 30, 2022.
- To receive the survey data please email email@example.com.