Bank CEOs want AI ASAP, but workplace resistance persists: IBM survey

financialpost.com:

To stay competitive, bank executives are keen to implement generative AI into their company’s daily operations, but they are being met with resistance from the workforce, according a global study from IBM.

The tech company found that 60 per cent of banking and financial markets chief executives say they are pushing AI adoption at their company more quickly than employees are comfortable with, while 59 per cent said overcoming the cultural change with AI adoption is more important than the technical challenges.

Meanwhile, 57 per cent of respondents said whichever institution has the most advanced generative AI will gain a competitive edge in the financial sector.

“Our research reflects the tremendous pressure CEOs are under to keep their competitive edge,” Shanker Ramamurthy, global managing partner of banking and financial markets at IBM Consulting, said in a news release.

“Getting the right skills remains a persistent challenge, with CEOs now hiring for roles that did not exist until recently. Workforce needs are shifting rapidly in the financial services sector and CEOs must ensure that upskilling programs are prioritized as an important element of any financial institution’s enterprise strategy for scaling generative AI.”

The survey highlights the urgency in which companies are looking to adopt AI into workflow.

A separate report from IBM from January shows about 37 per cent of Canadian companies with more than 1,000 employees is using AI for part of their business operations, slightly below the global average of 42 per cent.

Additionally, another 48 per cent of companies are said to be exploring the use of AI.

The financial benefits to adopting AI are plentiful. A report from Microsoft Corp. last week found