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Alkami Market Study Reveals Differences in AI Outlook between Financial Institutions and Consumers
96% of financial institutions foresee AI playing a critical role in the next five years PLANO, Texas, Aug. 21, 2024 /PRNewswire/ -- Alkami Technology, Inc.
About this update from Alkami Technology, Inc.
[{"type":"text","content":"96% of financial institutions foresee AI playing a critical role in the next five years\nPLANO, Texas, Aug. 21, 2024 /PRNewswire/ -- Alkami Technology, Inc. (Nasdaq: ALKT) (\"Alkami\"), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., today released commissioned research findings regarding the distinct perspectives on artificial intelligence (AI) held by regional and community financial institutions (RCFIs) compared to consumers, particularly in terms of its potential, use cases and adoption. The research revealed a disparity between these two groups, highlighting the dual task that financial institutions encounter when adopting AI: leveraging AI to enhance operational efficiencies and account holder satisfaction while navigating the complexities of data security, privacy concerns and ethical considerations.\n\n \n \n \n \n \n \n\n \nAlkami's primary research surveyed RCFIs and how they are currently using or planning to use AI across various digital banking use cases, their attitudes towards the opportunities and challenges AI presents, and their outlook on its potential future impact to their business. Over the same time period, a commissioned research study in partnership with The Center for Generational Kinetics was conducted where digital banking consumers were asked to compare and contrast their attitudes, perceptions and beliefs to the RCFIs that serve them.\nKey findings include:\nWhile 96% of financial institutions foresee AI playing a critical role in the next five years, only 61% of consumers expect AI to significantly influence their banking interactions.A considerable majority of these institutions—78%—see AI as a catalyst for uncovering new business opportunities, while additional benefits are expected in areas such as time savings for employees (77%), reducing operational costs (59%), and revenue growth (56%).The progress of leveraging AI in an RCFI is not correlated with size. Just 21% of RCFIs with more than $5 billion in assets are successfully leveraging AI in at least a few key areas today compared with 19% of those institutions with less than $1 billion in assets.Millennials are the most comfortable with their data being used by AI to deliver a better digital banking experience, with 51% agreeing to the same, statistically higher than all other generations - Ge...