The vast majority (92%) of financial services leaders plan to invest in new technologies in their drive to bolster key business functions and meet growing customer demand, says Seismic.
A survey of more than 330 financial services industry professionals working in wealth management, insurance, asset management and banking across the US, UK, France, Germany and Australia, found they are predicting a 31% increase in their enablement tech stack budget over the next year.
While the majority (94%) of those surveyed already use enablement technology at work, 97% said AI advancements and the ways they can boost their efforts are a major driving force behind their increased tech spending.
Three-fifths (60%) said they want to bolster key business functions, such as managing rapid organisational change, while 57% said they are adapting to evolving customer expectations.
Nearly all (95%) said their ability to use AI tools at work for enablement tasks, non-enablement tasks or both, is another major factor in investing in new technologies, with 92% believing that AI will be indispensable in providing personalised customer experiences in the next five years. Two in five (40%) expect a 40% revenue increase over the next five years by integrating AI into their go-to-market (GTM) strategy.
Kerry Ryan, senior director of financial services industry marketing at Seismic, said: “Our new study highlights the undeniable impact that the fusion of AI and go-to-market strategy has on boosting the bottom line. Adopting the right solutions empowers client-facing teams to adapt to evolving client demands, ensuring they can foster the deep, lasting relationships our industry is known for.”
The survey showed that AI is expected to optimise key functions across sales (61%), marketing (61%) and strategy and operations (49%).
A further 85% also agreed that AI literacy is an essential skill for client facing professionals. As a result, over two thirds (69%) of financial services leaders have updated or enhanced their training, while 91% are prioritising their own AI literacy to motivate others in their team to use AI.
However, Seismic said firms continued to face challenges, with 66% of go-to-market financial services leaders experiencing significant barriers to AI adoption. More than two fifths (42%) cited financial resource constraints, while 56% said it is difficult to get the necessary buy-in from their team to implement new technologies. Generational differences were also cited by 67% of respondents.
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