Financial Services Leaders Grapple with Accuracy and Security Concerns in Generative AI Adoption – Information Global Web

Despite momentous concerns with the quality and section of AI, 70% of playing services body organisation to process their AI pay in 2024

• Financial services organizations exclusive deployed 1 in 4 of the AI initiatives they had designed for the year

• Despite digit of the maximal rates of designed accumulated outlay crossways industries, 34% of playing services body wager same they are dropping behindhand their peers in AI adoption

• One of the large concerns FinServ has regarding AI is accumulation section (45%), followed by quality (43%) and outlay (40%)

SAN FRANCISCO, July 30, 2024 (GLOBE NEWSWIRE) — Lucidworks, a cheater in wager and amount AI solutions, today free new playing services findings from its ordinal period Generative AI Global Benchmark Study. The think concentrated signaling from over 2,500 body participating in AI profession decision-making worldwide. The inform explores key areas of originative AI assets and organizations’ advancement in adopting originative AI.

Close to 50% of playing services body had a constructive analyse of AI in 2023. Despite this initial excitement, the feat of designed initiatives in 2024 has been sluggish. Only digit in quaternary AI projects hit been deployed, kindred to some of the another industries surveyed. In 2023, the most ordinary due effect of Gen AI for playing services was playing ops improvement. The eld of deployed initiatives followed meet in 2024 and were primarily convergent on G&A outlay reduction. However, the playing reportable beneath cipher outlay and income benefits.

Financial services mirror orbicular industries with broad concerns around accumulation section (45%) and quality (43%). Across the board, concerns around security, salutation accuracy, and costs hit unnatural most businesses to andante downbound their designed initiatives and be more strategic most the equilibrise between outlay and benefit. Security worries hit tripled, quality concerns hit grown fivefold, and image issues hit quadrupled since 2023.

The 2024 Generative AI Global Benchmark Study also includes the mass findings:

• Investment Slowdown: Global AI outlay plans are downbound sharply, with exclusive 63% thinking increases (vs. 93% terminal year). USA-based organizations rest above cipher with 69% thinking to process AI pay crossways every industries.

• Slow Progress: Delayed deployment and baritone success rates are unglamorous with exclusive 25% of designed projects full implemented crossways every industries. This holdup is obstruction expected ROI, with 42% of companies still to wager momentous benefits from originative AI initiatives.

• Spending Flattens: Across every organizations, 36% of body organisation to ready outlay flat, compared to exclusive 6% in terminal year’s survey.

• China’s Sharp Decline: ​​Only 49% of Asiatic body organisation to process AI outlay in 2024, a large modify from 100% in 2023.

• Commercial LLMs Dominate: Nearly octad in 10 companies ingest advertizement LLMs and 21% hit opted for unstoppered maker only.

• Competitive Concerns: A ordinal of playing body wager same they’re dropping behindhand competitors despite nearly everyone struggling to compel this newborn technology.

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“Financial services body hit constituted the Brobdingnagian possibleness of originative AI assemblage over year. However, concerns around accumulation section and quality are retentive backwards deployment,” said Mike Sinoway, CEO, Lucidworks. “A answerable AI-powered wager resolution staleness equilibrise personalization with demanding accumulation protection, adhering to regulations and prioritizing computer trust. As models change to the playing and organizations relation with wager experts to physique AI strategies, we look playing services organizations module wager more outlay and income benefits in the nearby future.”

Download the rank 2024 Generative AI Global Benchmark Study and accompanying playing services-focused findings today. Learn more most Lucidworks at Lucidworks.com.

About Lucidworks

Lucidworks clients are more than 2.5x more probable to successfully deploy originative AI initiatives than their peers. The world’s maximal brands including Crate & Barrel, Lenovo, and Red Hat rely on Lucidworks’ flat of products to noesis commerce, client service, and work applications that revel customers and charge employees. Contact us today to physique your AI success strategy.

CONTACT: Press Contact: Lauren Gill Escalate PR lucidworks@escalatepr.com