The trend is quite clear. The number of teams using AI and ML is increasing significantly. Key findings in the survey suggest that financial firms are scaling AI/ML capability across multiple business areas. They are progressing from proofs of concept to developing mature ML models.
Around 80% of respondents said that significant investments were being made in the technology. 72% reported it being a core component of their business strategy already.
The survey shows that data-driven businesses are using the technology across the board. There is now an abundance of business use cases for AI and ML with 64% of the data science teams now working in business units. This need will continue to grow as businesses wish to stay competitive and manage risks.
We also see that financial services firms are utilizing multiple cloud services platforms to run their models. This helps increase their resilience and scale easier. Among the more popular platforms are Microsoft’s Azure and Amazon’s WS which have begun adopting AI-optimized hardware. This tech helps adjust computing power to meet surging demands as they arise.
Given that companies are diversifying their cloud provides, prospective professionals would be well off to do the same. Beginning with learning about the most popular, Microsoft’s Azure. Furthermore, understanding the business goals, error tolerance, and relevant data will be essential to building the AI systems.