Description
Artificial Intelligence Adoption in Financial Services: An Empirical Investigation of Adoption Barriers and Benefits
Abstract
Advanced Artificial Intelligence technologies certainly impact the various industries like finance service sectors. They are useful for enhancing consumer experience, innovation, and operational efficiency. In addition, they are also helpful for effectively streamlining operations, strengthening risk management, and developing services efficiently. Financial service industries are transforming their operations through technological advances. Although technologies facilitate advantages, there are a few challenges that occur in technology adoption. Industries should evaluate and increase awareness on challenges liked to technology usage. The main aim of conducting this research is to examine the barriers to AI adoption and approaches to identify them for finance industries.
However, the use of qualitative surveys, mixed-method approaches, and interviews helps to gather information for AI adoption. Moreover, the investigation will employ such methods to identify elements in adoption process. We will perform surveys with experts in financial service industry like business analysts, senior management, and IT specialists. From the survey, information related to data availability, AI integration with legacy systems, and ethical considerations are prioritized. Along with these, regulatory concerns and a lack of skilled persons will receive priority and undergo analysis. Hence, the process involves examining quantitative data to find significant hurdles and importance levels.
As a result, surveys and interviews with stakeholders will be conducted in the fiancé industries. For instance, it helps to understand the other industries’ issues with AI adoption and how they mitigate the obstacles. We examine the qualitative data thematically to find the insights and recurring patterns regarding the AI adoption barriers. Overall, from these activities, this research will provide challenges and strategic and informed approaches for adopting AI within the industry.
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