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Bank executives are eager to integrate generative AI into their operations to stay competitive, but they face resistance from employees, according to a global study by IBM.
The study reveals that 60% of banking and financial markets chief executives are accelerating AI adoption faster than their employees are comfortable with. Moreover, 59% of these executives believe that overcoming cultural resistance to AI is more critical than addressing the technical challenges. Additionally, 57% of the respondents believe that the financial institution with the most advanced generative AI will gain a significant competitive edge in the sector.
The survey underscores the urgency for companies to integrate AI into their workflows. A separate January report from IBM indicates that about 37% of Canadian companies with over 1,000 employees are using AI in their business operations, slightly below the global average of 42%. An additional 48% of companies are exploring AI use. The financial benefits of AI adoption are significant. A recent Microsoft Corp. report suggests that generative AI could contribute $180 billion annually to the Canadian economy by 2030.
Shanker Ramamurthy, global managing partner of banking and financial markets at IBM Consulting, noted the intense pressure CEOs face to maintain their competitive advantage. He emphasized the persistent challenge of acquiring the right skills, with CEOs now hiring for roles that didn’t exist until recently. Rapid shifts in workforce needs require CEOs to prioritize upskilling programs as a crucial part of their strategy for scaling AI.
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