London/Zurich – 21st October – Financial institutions remain captivated by artificial intelligence (AI), according to research released today by SIX, with the technology ranking top of financial executives’ wish lists for a consecutive year.
41% of the 293 C-suite executives surveyed by the Swiss financial market infrastructure group plan to primarily focus on the integration of AI into their business over the next three years. This comes amid expanding use cases for a technology that has dominated boardroom conversations since the explosive advent of ChatGPT, which gave rise to widespread optimism over how it could be applied to a wide range of scenarios in the financial sector.
A similar number (40%) identified automated compliance and regulatory reporting as the key area that will deliver the most client-value through AI adoption within their own organizations, as attentions turn towards how AI can be utilized to cut down operational admin and analyze the ever-increasing datasets financial institutions now consume.
Additionally, 38% of senior executives mentioned the implementation of cloud technology as a key priority, with the same number exploring data analytics for value capture to transform their technology stacks.
Commenting on the findings, SIX’s Head of IT, Dave Brupbacher, said: “As use cases of artificial intelligence are progressively implemented in the industry, financial institutions will increasingly rely on financial market infrastructures to provide them with new and improved offerings, leading to enhanced efficiency, better decision-making capabilities, and risk management.”
These findings were published in the latest edition of the Future of Finance report from SIX, an annual barometer of industry sentiment.
