The adoption of Artificial Intelligence (AI) by financial institutions is ushering in an era of unprecedented innovation and transformation in organisations.
Nine out of ten firms are focusing or will focus their efforts on improving risk management and cybersecurity, mostly through third-party software. They are also focusing their developments on industry-specific use cases and, in 53% of cases, on improving the internal customer or 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’, analyses the degree of adoption in private companies and public institutions.
The same report highlights the specific operations where companies are focusing or will focus their efforts on the use of Artificial Intelligence, which include strengthening the areas dedicated to cybersecurity through third-party tools or solutions and improving the internal operational process, through the optimisation of transactions and the back office, 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. Of these, 27% obtain both unstructured data (images, video and free text, etc.) and structured data. In 55% of the cases, data is usually captured in deferred or unsupervised mode (the so-called batch model, with 17%).
Along these lines, nine out of ten companies, thanks to the use of Artificial Intelligence, are already able to analyse and draw some kind of conclusion and identify patterns. In the vast majority of companies analysed in the study, there is also a maximum degree of human intervention when applying AI models internally.
The report also considers the motivation of the financial sector to adopt AI. Among all the reasons that influence the companies interviewed to start using AI or to do so more intensively, the efficiency and optimisation of internal processes stands out as one of the most important aspects for eight out of ten organisations.
Another motivation is the improvement of data-driven decision-making processes. In this line, more than half of the companies are already starting their process of adopting Artificial Intelligence having a clear idea of what their business plan will be around this digitalisation and with the focus on measuring the return on the investment made.
Regarding the barriers or factors that slow down the path towards the implementation 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 information technologies, the lack of a robust data governance model, 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 industry
The Banking and Insurance industry is at a time of intense activity, influenced by various economic, political and social factors. This brings with it 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 changing consumption patterns have motivated financial institutions and insurers to accelerate their innovation efforts to achieve an effective impact.
In this context, according to Ignacio Fernández Pérez, Global Director of Financial Services and Insurance at Minsait, Artificial Intelligence ‘is positioned as a key resource for revolutionising current business models with efficiency and personalisation at an unprecedented speed. This transformation is not only limited to the financial sector, but encompasses all areas of activity, representing a resource that will undoubtedly accelerate the change in the way we live’.
Fernández Pérez also adds that ‘AI has a significant impact on optimising and improving the customer experience, with the aim of fostering greater loyalty. The focus is on redesigning processes, strengthening cybersecurity and fraud detection, and developing new business models that facilitate access to emerging segments’.
The fifth edition of Minsait’s Ascendant Digital Maturity 2024 Report addresses the context and degree of adoption of Artificial Intelligence by companies and public administrations. To this end, it has analysed the information provided by more than 900 organisations in Spain and other countries from 15 different sectors of activity.
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