Our recent study of artificial intelligence (AI) in the financial services space revealed the following about firms with growth rates that exceed the industry average:
- They are optimistic about AI: Faster-growing firms are more upbeat about AI’s ability to unlock business potential measured in terms of major/significant benefits expected from the technology’s ability to introduce new products/services or enter new businesses over the next three years. They are also more favorable about AI’s ability to open new employment opportunities over next three years.
- They take ethical concerns more seriously: Faster-growing firms are more proactive about responsibly building and deploying AI compared with slower-growing counterparts.
- Sourcing: They have embraced a mix of in-house and expert third-party development approaches vis-à-vis slower-growing firms.