Nearly 70% of Financial Services Firms Expect Benefits from AI Investments in the Next Year, SS&C Survey Finds

Rhea-AI Summary

SS&C Technologies released findings from a survey of 213 financial services industry leaders, revealing growing AI adoption trends. The survey shows that 69% of firms expect AI benefits within a year, with 39% already seeing measurable results. While 82% of firms use AI at some level, only 13% report organization-wide adoption.

Key findings indicate that 65% of firms have C-suite executives leading AI initiatives, and 84% have developed or are developing AI policies. Top use cases include data analysis (52%), routine task automation (34%), and content development (29%). Major challenges include data privacy (70%), regulatory compliance (52%), and talent shortage (39%).

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WINDSOR, Conn., Nov. 19, 2024 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced findings from a new survey: financial services companies are increasingly leveraging artificial intelligence (AI) to drive operational value. Conducted at the 2024 SS&C Deliver conference, the survey of 213 industry leaders highlights how AI adoption is growing rapidly within specific departments.
However, only a fraction of firms have achieved enterprise-wide integration to drive substantial, consistent value.

"AI has evolved from an experimental tool to a strategic asset across firms, with about 40% of our survey respondents noting they engage with AI multiple times per week if not daily," said Rob Stone, Head of Intelligent Automation & Analytics at SS&C Technologies. "However, for most, the gains are still siloed within select teams and tasks, revealing a gap between the potential of AI and its current usage. Overcoming this disconnect can be challenging, but those who work with trusted technology partners reap the rewards."

Key findings from the report include:

• Leadership support is key: 65% of firms say a C-suite executive leads their AI efforts, with CTOs (39%) most commonly at the helm. Just 10% say no specific team or person is leading AI strategy.
• Standards are being set: Most firms (84%) have developed or are developing an AI policy.
• The transformation is clear: 39% of professionals are already seeing measurable benefits from AI investments, with another 30% expecting results within the next year.
• Top use cases include: data analysis (52%), automating routine tasks (34%), content development (29%) and research and development (29%).
• Breadth of adoption varies: 82% of firms are using AI today at some level, though only 13% report organization-wide adoption.

While many firms are actively integrating AI, challenges such as data privacy (70%) and regulatory compliance (52%) persist. Additionally, a shortage of skilled talent (39%) further complicates adoption efforts, while budget constraints appear less problematic, with only 23% citing cost as a top concern.

SS&C serves as a model of AI's potential when the technology is integrated across business processes to drive meaningful impact. SS&C's Global Investor and Distribution Solutions (GIDS) team combined Blue Prism's Chorus BPM, digital workers, and generative AI to accelerate customer communications threefold, returning over 886,000 hours of productivity to employees this year.

Meanwhile, SS&C's GlobeOp team integrated intelligent automation and generative AI within their credit agreement workflow, achieving a 95% reduction in document processing time—from hours to just six minutes per agreement.

These initiatives showcase SS&C's commitment to leveraging intelligent automation, AI and orchestration to enhance accuracy, speed, and operational efficiency, offering a roadmap for financial services firms looking to replicate similar successes across their own operations.

Click here to review the full report.

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 20,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale and technology.

Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

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SOURCE SS&C

FAQ

What percentage of financial firms are currently using AI according to SS&C's 2024 survey?

According to SS&C's survey, 82% of financial firms are using AI at some level, though only 13% have achieved organization-wide adoption.

What are the main challenges in AI adoption for financial firms according to SSNC's survey?

The main challenges identified are data privacy (70%), regulatory compliance (52%), and shortage of skilled talent (39%). Cost concerns were less significant, with only 23% citing it as a top concern.

How many financial firms expect AI benefits within the next year?

69% of financial firms expect benefits from AI investments within the next year, with 39% already seeing measurable benefits and an additional 30% expecting results in the coming year.

What are the primary use cases for AI in financial services according to SS&C's 2024 survey?

The top AI use cases identified in the survey are data analysis (52%), automating routine tasks (34%), content development (29%), and research and development (29%).