CHICAGO–Ninety-four percent of financial service leaders are confident that their businesses are “digital fit for the future,” but many also have doubts, with 26% saying they suffer from “tech anxiety” when it comes to AI and machine learning, according to new research.
The study, conducted by the digital transformation consultancy Kin + Carta, defines “tech anxiety” as the feeling senior leaders have as a result of the “rapid pace of advancements in technology that are causing concern when it comes to how their business operates.”
The Findings
The survey further found:
- 18% report concerns about artificial intelligence (AI) and machine learning. “When added to concerns over Generative AI, developments in AI technology are creating almost as much unease for the sector as cyber security: the most common cause of anxiety overall (29%),” the company said in its analysis.
- 34% of the leaders who identify AI and ML as a source of anxiety attribute their concern to a lack of trusted data, while 41% put it down to there being an “internal skills gap - indicating a sense of there being no substantial data foundations in place within their organizations.
- The study suggests that finance leaders are looking to tackle these anxieties over AI and ML, with 15% stating that they are investing more in the technologies, more than any other part of their digital estate, the study found.
Threat & Opportunity
“The report demonstrates how the increasing digitalization of financial systems and services holds both threat and opportunity in the face of economic uncertainty,” Kin + Carta said. “Seventy-two percent believe investment in digital transformation is either critical or necessary for business success, while 24% of leaders report the need for optimizing processes and increasing efficiencies as a critical data requirement.
The full report can be found here.
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