TCS survey shows major banking and financial interest in AI

Finance, Technology | Wed 13 Sep | Author – Business & Finance robot man automation machines

The survey conducted on leading banks and financial institutions across the world shows interesting developments and interest in the artificial intelligence (AI) sphere.

Tata Consultancy Services (TCS) surveyed 182 banking and financial bodies (85 in North America, 65 in Europe, 28 in Asia-Pacific and 4 in Latin America). In total, 835 executives took part across 13 sectors such as automotive, energy and insurance, to name a few.

The banking and financial services (BFS) institutions taking part produced some interesting results. Over four-in-five companies (86%) are now using AI with the remaining 14% planning to apply it by 2020. 64% use AI in their IT departments where the majority of usage revolves around intrusion detection, troubleshooting and automation.

With the finance and accounting teams within these BFS bodies, 40% use AI consistently while 72% use it for trading purposes.

Naturally this popularity and increasing need for AI will see a lucrative market come to pass. Average BFS spending on AI is $76.91 million. Forecasts show by 2020 the average will increase by 29% to nearly $100 million per company. In contrast, the top four banks spent over $1 billion on AI.

All departments have seen an average increase of 17% in cognitive technology use due to the importance of AI in everyday future operations and security-related issues.