The adoption of artificial intelligence (AI) in the financial sector is moving more slowly than anticipated. More than half of finance professionals (53 per cent) indicate that the fear of making mistakes outweighs the fear of missing out. This is according to research by IT and business transformation service provider Conclusion among 359 finance professionals.
Although 51 per cent see AI primarily as an opportunity, more than one in five respondents (21 per cent) add a clear caveat: the risks would currently outweigh the benefits. Most concerns are around privacy and data security (59 per cent), followed by broader security risks (47 per cent) and loss of human control (38 per cent).
Confidence in AI is also still lagging. For instance, 62 per cent of respondents do not dare to have processes fully driven by AI and 46 per cent think AI should be error-free – a standard they do not impose on their human colleagues. Interestingly, 38 per cent trust the output of colleagues more than that of an AI model. Despite this reluctance, optimism about AI in the industry has not disappeared. The majority believe in its potential, although 18 per cent wonders whether AI may be overvalued. In addition, 16 per cent are concerned about the environmental impact of AI technology.
“Organisations are balancing between enthusiasm and caution,” said Adil Bohoudi, managing director of Conclusion AI 360. “As soon as risks are involved, the threshold for implementation is high. But AI doesn't have to be an all-or-nothing story. With a step-by-step approach, clear frameworks and a grip on data, companies can take the next step safely and responsibly.“
