Is the Irish Financial Services, Banking & Insurance sector AI ready?
Seventy-five per cent of financial services professionals identify as AI Enthusiasts or Experimenters. Among them, 19% are actively adopting AI technologies, while 56% are in the process, with many implementations already underway.
We are seeing that the opportunity lies in harnessing transaction data and customer interactions to deliver predictive customer service and increased sales, further streamlining operations leading to significant cost reduction, while also improving risk assessments.
However, our finding reveals that concerns about data privacy, ethics and uncertain ROI loom large across the financial services sector. In turn, we propose effective AI strategies focusing on robust governance, strategic investment, workforce empowerment, and embedding trust in AI from the start. The reality is that Banks, Capital Markets, and Insurers that hesitate risk losing their competitive edge in a rapidly evolving market.
