The findings, according to Firdaus Bhathena, chief technology officer at FIS, “prove that a firm’s success depends largely on a well-defined technology strategy supported by a dedicated and experienced team.”  ,
Companies that invest in developing or working with financial experts are better positioned to optimize their economic operations.
AI’s potential is compatible with security problems.
Fintech purchase is at the forefront, especially for Gen AI.
More than half of businesses ( 55 % ) are investing in AI and machine learning to achieve strategic objectives, such as enhancing agility and acquiring customers.
Despite this excitement, implementation continues to be challenging.
73 % of executives are concerned about the cost of deploying and maintaining AI technology.
In addition, 58 % are having trouble integrating AI tools into their existing systems, and 64 % lack sufficient in-house expertise.
Despite this, enthusiasm persists.
Executives perceive AI as a tool for enhancing responsiveness and adaptability in just over half ( 56 % ) of cases.
Nearly half ( 48 % ) of people believe it will help draw new customers, especially as financial services transition to digital-first experiences.
The report’s main thesis, according to Bianca Fisher, analysis supervisor at Oxford Economics, is that” this study has quantified the impact of tensions within the income lifecycle.
” This research has revealed the impact of financial discord and how it can hinder organizational growth. We’ve uncovered insight in partnership with FIS that will aid global companies in recognizing and addressing these issues.