A new report by Minsait, part of the Indra Group, reveals that artificial intelligence (AI) is becoming a key tool for financial institutions, with 90% of companies in the sector leveraging the technology to enhance risk management and cybersecurity, often through third-party software solutions.
The Ascendant report highlights that 59% of these organizations are already implementing AI in specific areas such as cybersecurity, transaction processing, risk management, compliance, and consulting services. Additionally, 53% are utilizing AI to improve the customer and internal user experience.
Drawing from data provided by over 900 organizations, including those from Portugal, the study shows that nearly half of the participants have the capability to capture real-time data, with 27% collecting both unstructured data (such as images, videos, and free text) and structured data. However, in 55% of cases, data collection still occurs with delays or without user oversight, following the batch model. Despite this, AI is being used by most companies to analyze information, detect patterns, and draw conclusions, though human intervention remains crucial in the application of AI models.
The key drivers behind AI adoption in the financial sector include the need for process efficiency and optimization (72%), enhancing data-driven decision-making (34%), and improving the customer experience (31%).
However, barriers such as a lack of internal resources and expertise, insufficient IT capacity, weak data governance models, data quality issues, and resistance to change are delaying AI implementation.
Miguel Simões, Minsait’s Director of Financial Services in Portugal, emphasizes that AI is a vital resource for modernizing business models, providing rapid efficiency and personalization. He also notes that this transformation extends beyond the financial sector, impacting all areas of activity and accelerating societal change.
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