Guess What Industry Is Most Excited about AI

Guess What Industry Is Most Excited about AI

This past week Forbes published an astute analysis of a recent survey conducted by KPMG. That survey measured the relative amount of interest that a number of different industry sectors report regarding artificial intelligence (AI). The results of the survey were quite remarkable. Why? Because, at first glance, the results seem rather counterintuitive. It turns out that financial services executives are on top because AI enhances traditional bank services.

“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. Companies are investing billions of dollars 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. It would be logical to assume that transportation sector executives are less skeptical. After all, 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 the common assumption is that financial institutions, especially banks, are 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.

AI Enhances Traditional Bank Services

Look at the statistics. A whopping 85% of financial services executives believe that AI will play a major role in their industry. That is especially true regarding the vital need for fraud detection. Of course, that is one of their highest, if not their single highest priority. But it doesn’t stop there. An absolute majority of 64% of financial services executives view artificial intelligence 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.