The cost of technology was perceived by financial services firms worldwide as the main barrier to the adoption of artificial intelligence (AI) in the sector as of 2020. The high cost of AI technologies was cited as the main adoption barrier by 33 percent of the North American respondents, while insufficient infrastructure followed with 31 percent of the respondents in the region.
Main barriers to the adoption of artificial intelligence (AI) among financial services firms worldwide in 2020, by region
Characteristic
Cost of technology
Insufficient infrastructure to accomodate new AI technologies
Insufficient data quality to test and validate AI outcomes
Lack of appropriately skilled staff
Lack of awareness of AI use cases among senior management
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Main barriers to the adoption of artificial intelligence (AI) among financial services firms worldwide in 2020, by region
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The respondents were business executives and C-suite managers at investment banks, retail banks and insurance companies
Supplementary notes
This question was phrased by the source as follows: " What do you believe are the main barriers to the wider adoption or use of AI within your organization? "
Multiple answers were possible.
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Forbes. (October 31, 2020). Main barriers to the adoption of artificial intelligence (AI) among financial services firms worldwide in 2020, by region [Graph]. In Statista. Retrieved January 02, 2025, from https://www.statista.com/statistics/1246947/financial-services-barriers-to-ai-adoption-2020/
Forbes. "Main barriers to the adoption of artificial intelligence (AI) among financial services firms worldwide in 2020, by region." Chart. October 31, 2020. Statista. Accessed January 02, 2025. https://www.statista.com/statistics/1246947/financial-services-barriers-to-ai-adoption-2020/
Forbes. (2020). Main barriers to the adoption of artificial intelligence (AI) among financial services firms worldwide in 2020, by region. Statista. Statista Inc.. Accessed: January 02, 2025. https://www.statista.com/statistics/1246947/financial-services-barriers-to-ai-adoption-2020/
Forbes. "Main Barriers to The Adoption of Artificial Intelligence (Ai) among Financial Services Firms Worldwide in 2020, by Region." Statista, Statista Inc., 31 Oct 2020, https://www.statista.com/statistics/1246947/financial-services-barriers-to-ai-adoption-2020/
Forbes, Main barriers to the adoption of artificial intelligence (AI) among financial services firms worldwide in 2020, by region Statista, https://www.statista.com/statistics/1246947/financial-services-barriers-to-ai-adoption-2020/ (last visited January 02, 2025)
Main barriers to the adoption of artificial intelligence (AI) among financial services firms worldwide in 2020, by region [Graph], Forbes, October 31, 2020. [Online]. Available: https://www.statista.com/statistics/1246947/financial-services-barriers-to-ai-adoption-2020/
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