A recent survey conducted by the IBM Institute for Business Value revealed that banking and financial markets CEOs are facing workplace and cultural challenges as they strive to implement and scale generative artificial intelligence (AI) across their organizations. The survey, which polled 3,000 CEOs, highlighted that 57% of banking and financial markets CEOs believe that gaining a competitive advantage in the sector will depend on who has the most advanced generative AI technology.
Interestingly, the survey also showed that 59% of CEOs in this sector believe that cultural change is more important than overcoming technical challenges when transitioning to a data-driven business model. Furthermore, 65% of respondents emphasized the importance of people’s adoption of AI over the technology itself. Despite these sentiments, 60% of banking and financial markets CEOs admitted that they are pushing for AI adoption faster than some employees may be comfortable with.
A key area of concern for these CEOs is skills development. While 60% of respondents stated that their teams have the necessary skills and knowledge to incorporate generative AI, 53% acknowledged that they are already struggling to fill essential technology roles. Additionally, 50% of CEOs reported hiring for roles that did not exist just a year ago due to the rapid advancement of generative AI technology, highlighting the evolving workforce landscape in this sector.
Shanker Ramamurthy, global managing partner of banking and financial markets at IBM Consulting, emphasized the importance of prioritizing workforce improvement programs to enable the successful scaling of generative AI technology. He noted that the rapid transformation of workforce needs in the financial services sector requires a strategic focus on skills development.
The survey also revealed that 66% of CEOs in the banking and financial markets sector are willing to accept risks in order to leverage the potential productivity gains from automation and remain competitive. This sentiment was echoed by 67% of CEOs who stated that they would take more risks than their competitors to maintain a competitive edge. However, maintaining customer trust was recognized as a crucial factor for success, with 64% of respondents agreeing that customer trust has a greater impact on success than any specific product or service.
In conclusion, the findings of the survey emphasize the importance of addressing cultural and workforce challenges in order to successfully implement and scale generative AI technology in the banking and financial markets sector. CEOs must prioritize skills development, collaboration, and transparency in order to navigate the rapidly evolving technological landscape and maintain a competitive advantage in the industry.
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