PERSPECTIVES

Why Faster-Growing Firms are Leading the AI Race in Financial Services

2019-10-30


Outperformers are AI optimists, and are taking ethics more seriously while adopting a well-balanced mix of sourcing options.

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.

To learn more, read our white paper “AI in Financial Services: From Nice to Have to Must Have” at https://www.cognizant.com/ai-in-financial-services.