Microsoft-financial

Financial sector leading the way in using AI, Microsoft report reveals

The financial sector is leading the UK in the use of artificial intelligence, new research has revealed.

Nearly three-quarters (72%) of banks, insurance firms and other financial institutions use the technology – a 7% increase over the past 12 months and far higher than the national average of 56%.

According to the Microsoft report – entitled Accelerating Competitive Advantage with AI – organisations already using AI at scale are performing an average of 11.5% better than those who are not – up from 5% just one year ago.

Of the AI-driven technologies being adopted by the financial services sector, predictive analytics and systems that study and interpret data to help users learn more about their company are most widely-used (52%).

That’s followed by Robotic Process Automation (which is used for payroll processing and call centre operations among other things) on 44%, Automation (file generation and computer-aided manufacturing) at 43%, and Machine Learning (giving systems the ability to improve from experience) on 40%.

Automation also saw the biggest year-on-year rise, of 16 percentage points.

 

 

 

 

 

 

 

 

 

 

 

 

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