The adoption of Artificial Intelligence (AI) by the financial sector is ushering in an era of unprecedented innovation and transformation in organizations. Nine out of ten companies are focusing or are going to focus their efforts on improving risk management and cybersecurity, mostly through third-party software. They are also directing their developments to specific use cases in the sector and, in 53% of cases, to improving the customer or internal user experience. This has been revealed by the sectoral analysis of the Ascendant report by Minsait (Indra Group) which, under the title AI: x-ray of a revolution in progress, analyzes its degree of adoption in private companies and public institutions.
The same report highlights which are the specific operations where the financial sector is focusing or is going to focus its efforts on the use of artificial intelligence, which involves reinforcing the areas dedicated to cybersecurity through third-party tools or solutions and in the improvement of the internal operations process, through the optimization of transactions and the backoffice, as well as a greater advisory service.
In addition, almost half of the entities participating in the study already have the capacity to capture data in real time. 27% of these obtain both unstructured data (images, video and free text…) and structured data. In 55% of cases, the data is usually captured on a delayed basis or without user supervision (the so-called batch model, with 17%). Along these lines, nine out of ten companies, thanks to the use of artificial intelligence, are now able to analyze and draw some type of conclusion and identify patterns. In the vast majority of companies analyzed in the study, a maximum degree of human intervention is also observed when applying AI models internally.
The main reason for using AI in the financial sector is to improve efficiency and optimize production processes
The report also considers the financial sector’s motivation to adopt artificial intelligence. Among all the reasons that influence the companies interviewed to start using AI or do so more intensively, the efficiency and optimization of internal processes stands out, being one of the most important aspects for eight out of ten organizations. Another motivation is the improvement of the data-based decision-making process. Along these lines, more than half of companies are already beginning their process of adopting artificial intelligence, being clear about what their business plan will be around this digitalization and with the focus on measuring the return on the investment made.
Regarding the barriers or factors that slow down the path towards the application of artificial intelligence, the document mentions the lack of internal capabilities and resources, the level of technological ignorance and lack of capacity of the resources available for IT, the lack of a model of robust data governance, data quality and aversion to change, as well as difficulties in adapting to the changes that these processes entail.
Artificial intelligence as a key resource for the sector
The Banking and Insurance industry is in a time of intense activity, influenced by various economic, political and social factors. This entails an urgent need to implement profound transformations in business processes to sustain competitiveness and respond, among other things, to consumer expectations and the need to make these processes more efficient. Rising inflation and changes in consumption patterns have motivated financial institutions and insurance companies to accelerate their innovation efforts to achieve an effective impact.
In this context and according to Ignacio Fernández, Global Director of Financial Services and Insurance at Minsait, artificial intelligence “is positioned as a key resource to revolutionize current business models with efficiency and personalization at unprecedented speed. This transformation is not limited only to the financial sector, but covers all areas of activity, representing a resource that will undoubtedly accelerate the change in our way of living.” Fernández Pérez also adds that “AI has a significant impact on optimizing and improving the customer experience, with the purpose of fostering greater loyalty. The goal focuses on redesigning processes, strengthening cybersecurity and fraud detection, and developing new business models that facilitate access to emerging segments.” Minsait’s Ascendant Digital Maturity Report 2024 addresses, in its fifth edition, the context and degree of adoption of artificial intelligence by companies and public administrations. To do this, the information provided by more than 900 organizations from Spain and other countries from 15 different sectors of activity has been analyzed.
