Financial services firms are interested in artificial intelligence, but the number actually using AI is limited, according to a new survey from Broadridge Financial Solutions, a fintech firm serving brokerages, banks, asset managers and corporate issuers.
Broadridge, whose stock (BR) joined the S&P 500 this week, surveyed close to 200 representatives from financial firms, including wealth managers, banks and broker-dealers, as well as technology vendors and regulators, asking about their use of AI, machine learning (ML) and robotics process automation (RPA).
It found that 80% respondents are at least assessing the value of at least one of these processes but only about 22% have actually put any in production. Thirty-nine percent of respondents are in the prototype or pilot-testing stage for these technologies.
Respondents “indicated that data-specific challenges are preventing their firms from taking advantage of AI’s potential benefits,” according to the survey. Just over 50% cited “data quality and standardization,” while roughly 40% mentioned data availability, business justification and cost of implementation as impediments to using AI and related technologies.