 | | New Chart: Fintech |
| Industry leaders are focusing on AI for customer service, while the rest of the industry is still streamlining processes… While AI is one of the most hyped technologies in the finance industry — 74% of banking executives believe the industry will be completely transformed by AI — there's still a large divide in how far along players are when it comes to implementing AI-powered solutions. Twenty-six percent of industry leaders have implemented AI-driven solutions, while only 4% of the rest of the industry has done so, according to a new report from FIS seen by Business Insider Intelligence. The report defines industry leaders as those that scored in the top quintile of performers in the FIS Readiness Index, with the highest aggregate score across six operational pillars: automation, data management, emerging technology, digital innovation strategy, client value, and risk management; they made up 409 out of the 2,034 respondents.
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| | | This divide in AI implementation influences companies' investment priorities when it comes to the technology — and industry leaders have experience on their side:
- Industry leaders are largely focusing (31%) on leveraging AI to improve the customer experience. Focusing on the front office for AI solutions ensures that industry leaders can offer their customers new and automated products that simplify finance management, such as a chatbot that analyzes their spending and provides actionable insights or cheaper investment options that use AI instead of humans to balance portfolios. This likely helps improve customer satisfaction and retention.
- Meanwhile, the rest of the industry is still using AI to streamline and simplify operational processes (36%). While this helps make their internal processes more agile and adaptable to change, it also means that the customer experience largely remains the same. Using AI to speed up compliance is nonleading respondents' second most-often prioritized investment, but that's also a nonconsumer-focused area of AI. By not focusing on the customer experience, the rest of the industry likely won't be able to compete with industry leaders, and could therefore lose customers.
The rest of the industry needs to catch up with the leaders — and there's an affordable way to do so. Industry leaders likely have…
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