In June, Vultr and 451 Research (part of S&P Global Market Intelligence) unveiled an industry report, The New Battleground: Unlocking the Power of AI Maturity with Multi-Model AI. Drawing on data from this groundbreaking, industry-wide research, Vultr has released a series of derivative reports providing insights into the AI operations unfolding within specific industries.
This second installment explores the financial services (FinServ) industry and its journey toward AI maturity. Financial services companies have long recognized the transformative power of AI, but how are they currently using it to reshape their businesses? What challenges are they facing, and where do they stand compared to other industries? This report offers critical insights that provide a roadmap for FinServ organizations aiming to elevate their AI efforts.
Here’s a sneak peek at some of the report’s most revealing findings:
AI is elevating every area of business
In 2023, 84% of AI-powered FinServ organizations reported moderately or significantly outperforming other sectors in key business metrics such as revenue growth, margins, and customer satisfaction. By contrast, only 66% of organizations outside the financial sector experienced similar success. The data underscores how critical AI has become to FinServ companies in driving their competitive edge.
Nearly 90% of FinServ organizations expect AI to be a core driver of their business outcomes in the next two years, contributing to everything from revenue and cost savings to improved customer experiences, marketing performance, and risk management.
Multi-model AI: A blueprint for AI maturity
One of the most telling indicators of AI maturity within an organization is the number of AI models it deploys, and financial services firms are indeed scaling their AI efforts and achieving tangible results with an average of 162 models in production. Moreover, they anticipate expanding that number by over 10% in the coming year.
Increased AI Investment leads to greater maturity
A clear correlation exists between how much a FinServ organization invests in AI and how mature its AI capabilities become. 84% of financial services firms plan to increase their AI spending in the next 12 months, with 60% expecting that increase to be moderate to significant. Additionally, 72% of these organizations plan to boost their GPU spending by at least 10%, further fueling their AI ambitions.
Challenges, infrastructure, partnerships, and more
Despite the tremendous strides that FinServ organizations have made, the path to AI maturity has its challenges, particularly as the industry (like others) increasingly moves AI inference toward the edge.
The Unlocking the Power of AI in Financial Services report delves into these barriers and the infrastructure, deployment environments, and strategic partnerships helping organizations achieve the Transformational stage of AI maturity. While the report helps FinServ companies understand how their industry’s efforts to place AI at the core of business operations are tracking against other sectors, individual FinServ companies can use the report to gauge their AI maturity vis-a-vis others in their domain.
Download the report and receive recommendations based on the examples set by others in the industry to achieve similar if not greater AI success.
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