According to a new study, more than two thirds of UK Financial Services (FS) workers believe AI can transform traditional practices.

Research from Nuxeo shows that 58% of respondents in the report also say FS firms that embrace AI are a more attractive place to work.

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However, financial institutions have been slow to adopt AI across many business functions. The report reveals just 34% of UK FS firms are using AI for improved customer services. In addition, 45% of respondents believe their organisation’s inability to adopt AI quick enough has already impacted their day-to-day activities.

Chris McLaughlin, chief product and marketing officer, Nuxeo, said: “AI can be genuinely transformative in FS but it would appear that many organisations are still thinking about deployment, rather than getting on with it.

“It’s a challenging landscape in FS right now and firms need to improve the user experience and improve productivity, and AI can play a significant role in achieving these goals.”

Volume of data 

FS workers also said the sheer volume of data and information available was another challenge. According to the survey, 64% of respondents argue that using AI for mundane backend processes would free their time to do more interesting work.

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Furthermore, three quarters of respondents say FS firms store information across several systems that are not connected.

“Quick information search and retrieval is an enormous part of the modern FS user experience. Customers simply don’t want to waste their time waiting for an agent to find information when they are used to more immediate interactions elsewhere,” adds McLaughlin.

“With more data entering banks than at any time previously, it’s an issue that the industry collectively must be willing to address. Speed, accuracy and agility are essential when managing information. Additionally, addressing them can have a real impact in terms of improved customer retention and loyalty.”