New research from Seismic, a global leader in enablement technologies, has found that financial services companies are increasingly relying on artificial intelligence (AI) to drive growth and transform the customer experience.
According to Seismic research, 92% of financial services executives plan to increase their technology investments in AI, with a projected 31% increase in their enablement technology stack budget over the next year. .
This increased investment reflects the central role of AI in financial services, where 92% believe it will be essential to delivering tailored customer experiences over the next five years.
Additionally, the survey, conducted among more than 330 professionals in the United States, United Kingdom, France, Germany and Australia, indicates that financial services companies in sectors such as wealth management, banking and insurance are reshaping their customer-facing functions with AI.
By integrating AI into marketing strategies, 40% of respondents expect a 40% increase in revenue within five years.
Kerry Ryan, CPWA, senior director of financial services industry marketing at Seismic said: “Evolving customer expectations and preferences, coupled with the promise of newer technologies like generative AI, are reshaping the way people do business. functioning of financial services companies. Our new study highlights the undeniable impact of merging AI and go-to-market strategy on improving bottom lines. Adopting the right solutions enables customer-facing teams to adapt to changing customer demands, ensuring they can foster the deep, long-lasting relationships our industry is known for.
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The survey also reveals that the emergence of AI offers benefits that go beyond day-to-day industry adjustments. As part of this shift, AI is expected to optimize important industry tasks in strategy and operations (49%), marketing (61%), and sales (61%).
More importantly, 85% of respondents believe that mastering AI is a necessary capability for professionals who interact with customers.
This has therefore led companies to focus on improving the AI skills of all members of their teams:
- 69% of financial services managers have updated or strengthened their training. Specifically, 91% of financial services leaders prioritize their personal AI knowledge to inspire others on their team to use AI, while 89% prioritize their teams’ AI knowledge.
- 40% of companies have adapted their recruiting practices to incorporate AI-driven transformation to ensure the right talent for the job.
However, the majority of GTM financial services leaders (92%) still face adoption challenges despite concentrated efforts to lay the foundation for new technology success:
- 66% of GTM financial services executives see substantial barriers to AI adoption, with 42% identifying budget constraints as the top barrier.
- More than half (56%) find it difficult to get team buy-in for using new technologies, citing misunderstandings about the purpose of AI from leaders (39%) and management (51%).
- Gen Zers are 19% more likely than the norm to believe that generational disparities in leadership make it difficult to integrate new technologies into their company (67%).
Seismic helps businesses empower their teams, engage customers, and increase revenue. The most powerful unified enablement platform is Seismic Enablement CloudTM, which gives customer-facing teams the knowledge, resources and insights they need to succeed.
More than 2,000 organizations worldwide trust Seismic for their enablement needs, ranging from startups and small businesses to the world’s largest enterprises. With offices in Australia, Europe and North America, Seismic is headquartered in San Diego.
