Financial services companies concerned about use of AI but still plan to increase spending

Almost half of financial services leaders had a positive view of AI in 2023. But despite this initial excitement, the implementation of planned initiatives this year has been sluggish. A new report from Lucidworks finds only one in four AI projects have been deployed, similar to many of the other industries surveyed. In 2023, the most common expected impact of Gen AI for financial services was business operations improvement. The majority of deployed initiatives followed suit in 2024, however, the industry reports below average cost and revenue benefits. Concerns about AI center around data security (45 percent) and accuracy (43… [Continue Reading]