Riverbed has published the results of its global survey on the use of artificial intelligence (AI) and digital experience in the financial sector. The study shows that financial organizations have a progressive attitude towards AI, with 94% of business and IT leaders convinced that this technology will improve the digital experience of their end users. Financial industry leaders are committed to the strategic use of AI to improve operational performance and drive business growth.
The financial sector stands out for its readiness to adopt AI, with 46% of leaders saying their organizations are ready to implement AI strategies, compared to an average of 37% in other sectors. However, a readiness gap still exists, as many managers need assurances about data confidentiality and accuracy before delivering secure digital experiences.
Furthermore, 96% of respondents in the financial sector believe that AI provides a competitive advantage, underscoring the importance of this technology in competing with digital startups. Although AI is still developing, confidence in it is increasing, with 65% of business and IT leaders preferring to automate major IT upgrades rather than relying on a self-driving car in a city.
Investment in infrastructure and talent
Investment in infrastructure and talent is crucial to overcoming generational concerns. Almost all financial sector executives (99%) consider AI a strategic priority. Generation Z and Millennials are the most comfortable with using AI, reflecting a trend toward younger employees adopting new technologies.
Riverbed Global AI & Digital Experience provides unique insight into the financial services industry, including its approach, attitude and adoption strategies to successfully implement AI now and in the future
Improve DEX and operational efficiency with AI
The financial sector is focused on improving digital employee experience (DEX) and operational efficiency through AI. AI automation can relieve pressure on IT resources, optimizing resource utilization and improving workplace morale. Industry leaders expect AI to streamline operations through workflow automation, automated remediation, and 24/7 autonomous support through chatbots.
Currently, the use of AI in the financial sector is divided between improving operational efficiency (51%) and promoting growth (49%). In three years, the main focus is expected to shift to growth (54%), with operational efficiency a slightly lower priority (46%).
Generative AI is also gaining traction in IT operations, with 36% of financial organizations already using generative AI use cases or completing prototypes. This figure is expected to rise to 71% in the next 12-18 months.
Questions about the integrity and preparation of AI data
Despite its progress, the financial sector still faces challenges in AI data integrity and readiness. Less than half (46%) of leaders feel fully prepared to implement AI projects, although this figure is higher than the average for other sectors. Additionally, there is a gap between perception and reality, as many managers overestimate the progress of their IT departments compared to their competitors.
The biggest concern remains data integrity, an area where financial organizations must improve to remain competitive.
«Given that the financial sector traditionally handles more sensitive information about customers than other industries, it is not surprising that 80% of leaders are concerned about their private data being accessible to the public domain due to the use of AI » says Jim Gargan, Chief Marketing Officer, at Riverbed.
