AI turn drives key investments in financial services technology. Source: Shutterstock

New research from Seismic, a global leader in enablement technology, has discovered that financial services firms are increasingly relying on artificial intelligence (AI) to drive growth and transform customer experiences.

Based on Seismic’s study, 92% of financial services leaders plan to boost their tech investments in AI, with a forecasted 31% increase in their enablement tech stack budget over the next year.

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The heightened investment reflects AI’s central role in financial services, where 92% believe it will be essential for delivering tailored customer experiences over the next five years.

Moreover, the survey, conducted among more than 330 professionals across the US, UK, France, Germany, and Australia, indicates that financial services companies in sectors like Wealth Management, Banking, and Insurance are reshaping their client-facing functions with AI.

By integrating AI into go-to-market strategies, 40% of respondents expect a 40% revenue increase within five years.

Kerry Ryan, CPWA, senior director of financial services industry marketing, Seismic stated: “Changing client expectations and preferences, coupled with the promise of newer technologies such as generative AI, are reshaping the ways financial services companies operate. Our new study highlights the undeniable impact that the fusion of AI and go-to-market strategy has on boosting the bottom line. Adopting the right solutions empowers client-facing teams to adapt to evolving client demands, ensuring they can foster the deep, lasting relationships our industry is known for.”  

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The survey also found that the emergence of AI offers benefits beyond daily adjustments in the industry. AI is anticipated to optimise important industry tasks in the areas of strategy and operations (49%), marketing (61%), and sales (61%), as part of this shift.

More significantly, 85% of respondents believe that AI literacy is a necessary ability for professionals that interact with clients.

This has therefore led businesses to concentrate on enhancing the AI skill sets of all members of their teams:

  • 69% of financial services leaders have updated or increased training. More specifically, 91% of financial services leaders prioritise their personal AI literacy in order to inspire others on their team to use AI, while 89% prioritise their teams’ AI literacy.
  • 40% of companies have adapted their hiring practices to incorporate AI-driven transformation to ensure the right talent for the job.

However, the majority of GTM financial services leaders (92%) still encounter adoption challenges in spite of concentrated efforts to set the groundwork for new technologies’ success:

  • 66% of GTM financial services leaders see substantial impediments to AI adoption, with 42% identifying budgetary restrictions as the main obstacle.
  • More than half (56%) find it challenging to gain team buy-in for using new technologies, citing misunderstandings about AI’s purpose from executives (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 technology in their firm (67%).

Seismic assists businesses in enabling teams, engaging customers, and boosting revenue. The most potent unified enablement platform is the Seismic Enablement CloudTM, which gives teams that interact with customers the knowledge, resources, and insights they need to succeed.

More than 2,000 organisations worldwide rely on Seismic for their enablement needs, ranging from startups and small businesses to the biggest corporations in the world. With offices in Australia, Europe, and North America, Seismic has its headquarters in San Diego.