AI Opportunity Report 2018: Financial Services Industry Deep Dive
The Financial Services industry (not including real estate services), at $1.5 trillion in GDP, is a significant piece of the United States’ $20 trillion economy. Its workforce is well paid ($70,000 median annual salary versus $57,000 for the average U.S. worker) and knowledge-intensive. It ranks near the top of all NAICS codes for both breadth and depth of AI adoption.
This document, AI Opportunity Report 2018: Financial Services Deep Dive focuses on AI penetration and expected investment by each Financial Services subsector, drilling down to the types of AI being deployed commercially and the degree to which workers are presently exposed to AI that is already available. Additionally, this report takes a task-based approach to quantify the efficiencies AI can bring to the subsectors of the Financial Services industry and the dollar-value of these efficiencies. The “2018 AI Preparedness Survey” identified specific task-related pain points where AI can bring immediate business value, and those are quantified in this report.
The data source for this report is Optimized Workforce’s “2018 AI Preparedness Survey” – a primary research effort that collected data from roughly 10,000 U.S. workers. The survey sheds some light on AI penetration rates across industries and job functions, the different types of AI technologies workers are using today or preparing to invest in in 2019, and the readiness of workers to function in tandem with AI.
Key findings include:
- More than 45% of U.S. Financial Services workers are engaging with some form of AI today.
- Document classification leads AI adoption; voice & scenario-planning show promise.
- The Securities, Commodities & Investments subsector is the most aggressive with AI deployment.
- AI vendors could bring nearly $64 billion in efficiency to the Financial Services industry this year (roughly 15% of payroll).
- Nearly 20% of Financial Services workers miss key business goals due to non-core tasks
- The very nature of the Financial Services value proposition creates different AI deployment strategies than in other industries.
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