All in on AI? An new EY study reveals eagerness among leaders in financial services
“Fired up and ready to go” is not just for political campaigns any more. According to a new survey from Ernst & Young, that sentiment aptly describes the attitude of a growing number of leaders in financial services when it comes to their eagerness to deploy artificial intelligence (AI), particularly generative AI (GenAI).
How eager? According to Ernst & Young’s 2023 Financial Services GenAI Survey, “nearly all (99%) of the financial services leaders surveyed reported that their organizations were deploying artificial intelligence (AI) in some manner. All respondents said they are either already using, or planning to use, generative AI (GenAI) specifically within their organization.”
Given the popularity of AI and GenAI, overwhelmingly positive responses like these may not be surprising. The FOMO in this field is reminiscent of the dot-com gold rush of more than two decades ago. After all, are many of the companies appending “ai” to their names that much different from their predecessors who donned “.com” back in 1999? Today’s eagerness has a similarly fearlessness. In the EY survey, expressions of anxiety and skepticism about the potential impact of GenAI on their business were few at just over one in five. For what it’s worth, insurers were the most nervous; bankers the least.
Other color pops in the EY Survey included “feeling supportive and optimistic about using AI in their organization” (55%), seeing GenAI “as an overall benefit to financial services within 5 to 10 years” (77%), and believing AI will improve the customer and client experience (87%).
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