According to a recent survey by Deloitte Insights, 70% of financial services firms are using machine learning (ML) to detect fraud, fine-tune credit scores, and predict cash flow events.
The Economist’s research team found that 86% of financial services executives plan to increase artificial intelligence (AI) investments over the next five years, with the strongest views expressed in APAC (90%) and North America (89%). With COVID-19, enterprises across industries accelerated their technology investments, including their adoption of AI. Global spending on AI is forecast to grow from $50 Bn in 2020 to $110 Bn in 2024, according to the new IDC Spending Guide.