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Deloitte: 19% of global financial institutions have used artificial intelligence

according to foreign media reports, according to a report released by Deloitte today, global financial institutions are increasingly investing in automation, machine learning and other labor-saving technologies. According to statistics, 19% of the world's financial institutions are now using artificial intelligence

the London company conducted the 11th biennial global risk management survey from March 2018 to July 2018. It surveyed 94 financial institutions around the world and revealed the severe challenges faced by financial executives in the decision-making process, mainly including budget cuts, security vulnerabilities and the decline in Global trade volume

Edward HIDA, partner of Deloitte risk and financial advisory department and author of the report, said: global financial institutions are facing a more complex and uncertain environment, which has brought them great challenges. In order to improve efficiency, financial institutions must reconsider their traditional practices and try new approaches

among these surveyed financial institutions, the leaders of a large number of institutions see the great potential of automation

about 29% of financial institutions said that their institutions are currently using automated processes to automate the monotonous and repetitive tasks traditionally performed by human staff to manage risk data (25%), draft risk reports (21%) and regulatory reports (20%). Big data and analysis are also the first choice of these financial institutions, and 40% of the bank reports use big data and analysis; The same is true of artificial intelligence

about 25% and 19% of financial institutions said that they use machine learning and cognitive analysis (including natural language processing) to reduce costs and improve accuracy respectively. Electronic tensile testing machines are widely used for material inspection and analysis in building materials, aerospace, machinery manufacturing, wire and cable, rubber and plastic, textile, household appliances and other industries. 24% of financial institutions said they are using business decision-making model tools

Sida said: these tools can reduce costs through automated operations, such as drafting risk reports or reviewing transactions. They can also automatically scan various data in the internal and external environment to identify and respond to new risks, so the cleaning after each use is very critical, new threats and perpetrators. Digital technology has the potential to fundamentally redesign all aspects of risk management. Financial institutions are currently in the early stage of the transformation of risk management functions

as for the issues that make executives very worried, 67% of the respondents said that network security, including security attacks and the loss of sensitive data, is one of the three major risks in the next two years. Still, half said they thought their organization's measures in managing risks were extremely effective or very effective

a few days before Deloitte released this report, Gartner, a market research company, conducted a survey on more than 3000 executives from 89 countries around the world by 2015 and released a CIO survey report for 2019. The report found that the implementation of artificial intelligence has increased by 270% in the past four years and 37% in the past year alone. In 2015, the growth rate was only 10%. It is estimated that by 2022, the scale of the enterprise artificial intelligence market will reach US $6.14 billion

according to the data of the McKinsey Global Institute, the changes in the labor market will lead to a 1.2% growth in the gross domestic product (GDP) in the next 10 years and help the global net economic benefit to achieve another 20-25% growth in the next 12 years

source: Tencent technology

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