Guess What Industry Is Most Excited about AI?

by Aaron Lazor, Finscend CEO and co-founder

This past week Forbes published an astute analysis of a recent survey conducted by KPMG that measured the relative amount of interest being generated among different industry sectors by artificial intelligence (AI). The results of the survey were quite remarkable because, at first glance, the results seem rather counterintuitive.

“Transportation executives are the most skeptical of AI hype (69 percent), followed by retailers (64 percent), technology executives (57 percent), and healthcare providers (52 percent). Interestingly, financial services executives are the least skeptical, with only 42 percent feeling AI is too hyped up. That’s probably because there are already many instances of AI on the ground, supporting everything from fraud detection to credit scoring.”

Why counterintuitive?

One of the most hyped topics in the news today is autonomous vehicles, or, in common parlance, driverless cars. Billions of dollars are being invested in their development. And it’s not just Google that is coughing up the money. So are Audi, GM, Mercedes-Benz, Nissan, Peugeot-Citroen, Renault, Tesla, Toyota, and Volvo, among others, are doing the same. You would have thought that transportation sector executives would be less skeptical, given that artificial intelligence lies at the heart of autonomous vehicle technology.

At the other end of the spectrum are financial sector executives. That’s ironic because financial institutions, especially banks, are widely considered to be conservative institutions when it comes to technological change. They rightly have a reputation for upgrading their technology at a glacial pace. After all, a single mistake in software coding can crash their entire computer system and create havoc for both employees and customers alike. Not to mention a ton of bad publicity that will impact negatively on the institution’s reputation.

So why are bankers so far ahead of the field in rushing to implement AI solutions?

Look at the statistics. A whopping 85% of financial services executives have already come to the realization that AI will play a major role in their industry. That is especially true regarding the vital need for fraud detection, which obviously is one of their highest, if not their single highest priority. But it doesn’t stop there. An absolute majority of 64% also view AI as a welcome disruptor in enhancing traditional bank services.

Clearly, AI is well on the way to redefining the relationship that financial institutions have with their customers.