A survey by SAS and GARP shows that 81% of risk management professionals have benefited from AI
more than half of financial services companies believe that they lack the skills needed to implement or maintain AI
Beijing, China, February 26, 2019 - AI is changing all industries, including financial services. A survey by SAS, the global leader in analysis, and the global association of risk management professionals (GAP) shows that 81% of risk management professionals in the financial services industry have benefited from AI technology
the main areas in which respondents received returns in AI applications included process automation (52%), credit scoring (45%) and data preparation (43%). About one third of the respondents also pointed out that they had benefited from model validation, calibration and selection
"at present, no matter risk management professionals or financial service companies, there is no doubt that they will continue to apply AI," Ma, CO president of GARP, includes aerospace, automotive, healthcare, dental Rk Carey said, "more than half of the respondents said they have at least a moderate understanding of their company's current and future AI applications. The survey shows that although there are still many problems, institutions are still actively exploring the application of AI."
although some risk and financial services professionals have not yet tried this rapidly developing technology, their application plans will be implemented soon. The survey shows that 84% of the respondents who have not yet applied any form of AI plan to use machine learning and natural language processing (NLP) in the next three years
in addition, in the next three years, almost all respondents expect AI to improve their work to some extent. They expect AI to bring higher productivity (96%), gain insight from data faster (95%), and make better decisions faster (95%) based on more data insight
obstacles to the application of artificial intelligence
although their respective organizations are or will continue to deepen the application of artificial intelligence, respondents also pointed out that there is still a gap in the skills of using artificial intelligence. More than half (52%) of the respondents said that they were somewhat worried that their company's lack of capital would decline and lacked the skills necessary to implement and maintain AI
they also listed many challenges facing the further application of AI. The vast majority of respondents said that the biggest obstacles to the application of AI were data availability and data quality (59%), the main stakeholders' lack of understanding of AI (54%), and the interpretability of models (47%)
"financial service institutions are trying to take the lead in this new market competition driven by artificial intelligence," said Troy Haines, senior vice president and head of risk research and quantitative solutions Department of SAS: "For companies, it is important to bring together risk management professionals and data scientists. 3. Aging resistance and high gloss together to study how to solve well-defined practical problems through artificial intelligence. Although not all problems need artificial intelligence to solve, risk management professionals must understand all technologies that can help solve problems, and choose the best solution for many people to meet the challenge."
for complete survey results, please download the full text of the report: "artificial intelligence in banking and risk management: following the development of the new era of analysis and winning returns"
in December 2018, SAS and GARP conducted a survey of more than 2000 respondents, especially risk managers, from the financial services industry (including banking, investment banking/securities, wealth/asset management, etc.). In this survey, AI includes machine learning, natural language processing (NLP), computer vision, and prediction and optimization
the global association of risk management professionals (GARP) is a non-profit membership organization whose purpose is to help professionals and institutions make better risk management decisions. The members of GARP are composed of more than 150000 risk management practitioners and researchers from more than 195 countries and regions around the world. They work in banks, investment management companies, government agencies, scientific research institutions and other institutions