Respondents are attaining rewards through leveraging AI in improved process automation (52%), credit scoring (45%) and data preparation (43%). Around one third also saw benefits from model validation, calibration and selection.
The survey found 84% of risk and financial professionals who have not yet tried AI plan to do so within the next three years.
Almost all expect AI to improve their jobs, with 96% foreseeing higher productivity, 95% faster time to gain insights from data, and 95% also more data insights for faster, better decisions.
Despite the positive view of the potential for AI, 52% of respondents said they were at least somewhat concerned their firms lacked the necessary skills to implement and maintain it.
The main obstacles were seen as data availability and quality (59%), key stakeholders’ lack of understanding (54%) and interpretability of models (47%).
“Financial services organisations are striving to compete in the new AI-driven marketplace,” said Troy Haines, senior vice-president and head of the risk management division at SAS. “It is important for firms to bring together risk professionals and data scientists to examine well-defined, real-world problems that can be addressed with AI.
"Not every problem requires an AI solution, but it is important for risk professionals to be knowledgeable of the available technologies, so they can choose the best option to address their challenges.”
The survey was carried out in December 2018 and canvassed views from more than 2000 representatives of the financial services industry including banking, investment banking/securities, and wealth/asset management. The survey was specifically targeted at those with a risk-related role. The survey included machine learning, natural language processing, computer vision, forecasting and optimisation as AI.
The complete survey report is available for download, Artificial Intelligence in Banking and Risk Management: Keeping Pace and Reaping Benefits in a New Age of Analytics.