SambaNova-commissioned Research Shows Banking Leaders Expect Significant Impact of AI Within 2 Years
LONDON, June 30, 2022 -- SambaNova Systems, a company delivering a comprehensive software, hardware, and solutions platform to run AI and Deep Learning applications, today announces the results of new research into AI adoption within financial services organizations in the UK. The study of enterprise leaders sought to understand the challenges when delivering AI-based solutions during a period of accelerated change and transformation.
“AI is becoming a huge driver of value to businesses and is set to contribute trillions to the global economy over the next decade,” said Marshall Choy, SVP Product at SambaNova. “Progressive business leaders are realizing the value of AI. However, benefiting from it requires technology teams to deliver; this is where difficulty surfaces for most organizations in the financial sector.”
The data from the study shows that over three-quarters of finance technology leaders in the UK are already adopting AI models and algorithms. However, the study uncovered a number of clear challenges, from skills to technical, that are facing banking leaders today.
Top three UK enterprise challenges highlighted in the research include:
- Keeping pace with the speed of model and data growth — 78%
- Hiring staff with appropriate skills in AI/ML — 70%
- Finding or customizing models and algorithms — 67%
Choy commented on the findings: “The research shows that financial services decision-makers understand the value they can derive from AI today. The rapid pace of innovation has presented challenges to technology teams in keeping up.”
Skills have become the limiting factor for AI implementation in banking
For banking leaders, AI is a driver of business value, and more than half (56%) said that AI’s business impact will be “transformational” or “significantly improve the business” over the next 12-24 months.
For technology leaders in financial services, finding skilled staff across all technology disciplines is difficult. However, the challenge is particularly acute in the specialist field of AI.
52% of IT managers reported that they have the budget to hire additional resources for their AI teams while 70% said that hiring the skilled staff is challenging. Over half (52%) said that retention is a challenge too.
“You’d be hard-pressed to find an area of technology that is being developed more intensely than AI, especially around large language models such as GPT,” said Chris Kenny, General Manager, EMEA at SambaNova. “The opportunity these models deliver is there for the taking, although technology teams often don’t have the resources or expertise to take advantage of the opportunity.”
“For enterprises struggling to deliver on business leaders’ demands, deploying AI as a service is a fast track, a scalable way to avoid falling behind their competitors,” continued Kenny. “AI is already here at most financial organisations.”
Notes to the editor:
- The research surveyed 125 financial services enterprise leaders between May 20, 2022 and May 30, 2022.
- To receive the survey data please email sambanova@resonancecrowd.com.
About SambaNova Systems
AI is here. With SambaNova, customers are deploying the power of AI and deep learning in weeks rather than years to meet the demands of the AI-enabled world. SambaNova’s flagship offering, Dataflow-as-a-Service™, is a complete solution purpose-built for AI and deep learning that overcomes the limitations of legacy technology to power the large and complex models that enable customers to discover new opportunities, unlock new revenue, and boost operational efficiency. Headquartered in Palo Alto, California, SambaNova Systems was founded in 2017 by industry luminaries, and hardware and software design experts from Sun/Oracle and Stanford University. Investors include SoftBank Vision Fund 2, funds and accounts managed by BlackRock, Intel Capital, GV, Walden International, Temasek, GIC, Redline Capital, Atlantic Bridge Ventures, Celesta, and several others.
For more information, please visit us at sambanova.ai or contact us at info@sambanova.ai.
Source: SambaNova Systems
