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Forbes, U.S.: Cognizant Survey Shows Finance Executives Feel AI is Critical to Success

Excerpts from Forbes’ article:

“Recent surveys, studies, forecasts and other quantitative assessments of the progress of AI highlighted workers’ positive attitudes toward AI and robots, challenges in implementing enterprise AI, the perceived benefits of AI in financial services, and the impact of AI on the business of Big Tech.

74% of Financial Services Institutions (FI) executives said AI was extremely or very important to the success of their companies today, while 53% predicted it would be extremely important three years from now; about 75% expected that over the next three years their organizations will gain major or significant benefits from AI in increased efficiency/lower costs; while 61% of FI executives said they knew about an AI project at their companies, only 29% of these executives reported on a project that had been fully implemented; only 29% of AI projects are within full implementation phase, with 46% still pilots, 35% in proof of concept and 24% in initial planning; challenges include securing senior management commitment (45%) and securing adequate budget (44%); technologies used in AI projects include virtual agents (72%) and natural language analysis (56%); 50% found it extremely or very challenging to secure talent and 49% found it extremely or very challenging to attract and retain professionals with appropriate skills [Cognizant survey of FI executives in US and Europe]”

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