IBM Study: Banking And Financial Markets Ceos Are Betting On Generative AI To Stay Competitive, Yet Workforce And Culture Challenges Persist
IBM News, Wednesday, June 5th, 2024
Two-thirds (66%) of banking and financial markets CEOs surveyed said that the potential productivity gains from AI and automation are so great that they must accept the risks to stay competitive.
New findings from the IBM (NYSE: IBM) Institute for Business Value revealed that banking and financial markets (BFM) CEOs are facing workforce and culture and challenges as they act quickly to implement and scale generative AI across their organizations.
The findings are part of an annual global cross-industry study that surveyed more than 3,000 CEOs from over 30 countries and 26 industries, which included 297 BFM CEOs representing retail, corporate, commercial and investment banks and financial markets.
The survey found that generative AI is perceived as the key to unlocking competitiveness. 57% of BFM CEOs surveyed stated that gaining a competitive advantage in the sector will depend on who has the most advanced generative AI.