- 47% of finserv participants have a positive sentiment toward AI, 11% of participants have a negative sentiment and the rest are neutral
- 94% of global financial services respondents surveyed plan to increase AI investment in the next year
- The most common expected impact of Gen AI in financial services is Business Ops Improvement, followed by Automation and Efficiency Gains
SAN FRANCISCO, Aug. 24, 2023 (GLOBE NEWSWIRE) — Lucidworks, the leading search solutions provider, shared results from the largest, global generative AI benchmark study that gathered input from over 6,000 employees involved in AI technology decision-making. The study includes respondents from more than 300 financial services companies worldwide. Read the full study here for the complete analysis of results and the 80 identified generative AI Best Practices.
The study shows that 93% of companies across industries plan to increase their investments in AI within the next twelve months. The financial services industry is aligned with 94% planning to boost gen AI investments within the year. However, the survey found differences depending on location. 100% of Chinese financial services employees and 97% of U.K. respondents surveyed said they plan to increase investment, compared to only 91% of United States companies.
Views on generative AI are overwhelmingly positive among the industry’s executives and managers and only 11% have a negative view of generative AI. Although 47% of respondents have a positive view of gen AI, one of the biggest concerns that remains is security. This concern is common across all industries surveyed, followed by the accuracy of AI-generated outputs, transparency in understanding how AI-based decisions are made, job displacement, and ensuring responsiveness in terms of timeliness and tone.
“This is the moment to harness the potential of generative AI,” said Mike Sinoway, CEO, Lucidworks. “The ongoing paradigm shift is rapid, global, and carries significant impact. This research validates the rise of frontrunners and stragglers in the generative AI sector. We already have clients in the financial industry testing new applications for AI both in knowledge management and client experience. Those who can promptly align their methods have the chance to surge ahead.”
The benchmark study also includes the following findings:
- 37% of fin serv participants that do not plan to increase spend have a negative sentiment compared to only 8% among participants planning to increase spend.
- The most common expected impact of Gen AI in financial services is Business Ops Improvement (27%), followed by Automation and Efficiency Gains (16%).
- Companies in the entertainment, technology and consumer products industries are frontrunners in plans to increase generative AI spending, followed closely by construction / real estate, financial services, and transportation.
- Global business leaders across all industries surveyed are predominantly directing their investments in AI toward three key areas: Improved Customer Experience, Automation and Efficiency, and overall Business Operations.
Lucidworks’ global benchmark study also offers valuable insights for businesses planning to invest in generative AI. Through a comprehensive assessment of Launched, Planned, and Desired Best Practices, the study enables companies across all industries to construct a tailored generative AI roadmap. Lucidworks has plotted industries based on four distinct phases of progression along the investment and deployment journey—Trailblazer, Leader, Challenger, Rookie—to help companies gauge their level of maturity in generative AI adoption, identify potential challenges and opportunities, and strategize their efforts accordingly.
Lucidworks believes that the core to a great digital experience starts with searching and browsing. Lucidworks captures user behavior and utilizes machine learning to connect people with the products, content, and information they need. The world’s largest brands, including Crate & Barrel, Lenovo, and Red Hat rely on Lucidworks’ suite of products to power commerce, customer service, and workplace applications that delight customers and empower employees. Lucidworks makes search a superpower. Learn more at Lucidworks.com.
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