Financial services leaders struggle to keep up with AI developments

Research released today shows that 78 percent of financial services enterprise leaders are finding it a challenge to keep up with the speed of AI model and data growth.

The UK research, based on survey of 125 financial services leaders, from SambaNova Systems reveals that the top challenges to deploying enterprise AI include finding or customizing the models/algorithms for their needs (67 percent), setting up infrastructure (33 percent) and preparing data (38 percent).

"AI is becoming a huge driver of value to businesses and is set to contribute trillions to the global economy over the next decade," says Marshall Choy, SVP product at SambaNova. "Progressive business leaders are realizing the value of AI. However, benefiting from it requires technology teams to deliver; this is where difficulty surfaces for most organizations in the financial sector."

The skills shortage is an issue too with 52 percent reporting having the budget to hire additional resources, but 70 percent claim that hiring these skilled staff members is challenging. High staff turnover is also a problem with 52 percent reporting that retention of skilled staff is difficult.

"You'd be hard-pressed to find an area of technology that is being developed more intensely than AI, especially around large language models such as GPT," says Chris Kenny, general manager, EMEA at SambaNova. "The opportunity these models deliver is there for the taking, although technology teams often don't have the resources or expertise to take advantage of the opportunity."

You can find out more on the SambaNova site.

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