Financial services consulting and technology services provider Synechron said recent data shows financial institutions are embracing artificial intelligence (AI).
Since they launched their AI accelerators in March, Synechron has been helping 57 organizations adopt AI technology. Those 57 are spread across the United States, Europe, Asia and the Middle East.
- 28 per cent are based in Europe, with 45 percent of those in the United Kingdom.
- 25 per cent are based in the United States.
The companies have different reasons for embracing AI:
- 30 per cent are focused on robotic process automation.
- 30 per cent are developing chatbots.
- 26 per cent involve natural language processing (NLP) or natural language generation (NLG).
Your area of interest depends on where you are based:
- 54 per cent of UK companies are interested in robotic process automation.
- 43 per cent of American companies and 30 per cent of European ones focus on NLP or NLG.
- 50 per cent of Dubai/UAE institutions and 38 per cent of mainland European ones are looking at chatbots.
Synechron released 14 “accelerators”, reusable applications that allow financial institutions to reduce time to market when applying AI. They use NLP, chatbots, robotic process automation, cognitive machine learning, data science and robo-advisors to address common business challenges.
“The financial sector understands the value of innovation and there is real ambition to implement artificial intelligence around the world, especially in Europe and the US,” Synechron cofounder and CEO Faisal Husain said. “This global interest reiterates the importance many are placing on new technologies to help them solve complex business challenges. Artificial intelligence allows businesses to deploy processes that augment the role of individual, allowing them to fulfil their potential and increasing their value to the business.
“The interest in our AI services has come from businesses of all sizes, from global banks, investment funds and exchanges to local lenders and insurance providers. While there are a select few leading the AI adoption race, it remains to be seen who will be the AI trailblazers that drive its adoption into the 21st century.”