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AI in Financial Services: A Wake-Up Call for South Africa

A staggering 67% of South African financial services organizations are still in the dark ages of artificial intelligence (AI), while the rest are struggling to keep up with the rapidly evolving landscape. According to a new report by ActiveOps, a leading provider of AI-powered decision intelligence, financial services leaders in South Africa are demanding the use of AI for real-time insights, but many are still stuck in the slow lane.

The report, "Ready or Not, AI is Here," reveals that financial services organizations in South Africa are failing to harness the power of AI, with nearly half unable to access data to make real-time decisions. This is a shocking revelation, especially considering the industry’s reliance on data-driven decision-making.

But it’s not all doom and gloom. The report also highlights the growing demand for AI, with 98% of financial services leaders believing that AI will help them make better decisions. And 37% of operations leaders in South Africa believe that AI will automate more tasks to increase efficiency.

So, what’s holding them back? The report points to a lack of data skills, inconsistent use of terms or metrics across a business, and a lack of support from other departments as major roadblocks to AI adoption. But ActiveOps is sounding the alarm, urging financial services organizations to overcome these challenges and unlock the potential of AI.

"The majority of leaders are aware of the advantages that AI can bring, especially when it comes to managing and overseeing large-scale operations," says Kuljit Bawa, MD of EMEIA at ActiveOps. "But this is what will propel it into tech stacks across South Africa and unleash the power of real-time data."

In a year’s time, half of operations leaders in South Africa want AI to tell them what they should do based on predictive insights, suggesting a promising shift in the levels of trust in AI. And with over half believing AI will give them greater control over cyber security, it’s clear that the stakes are high.

So, what’s the takeaway? Financial services organizations in South Africa need to wake up to the reality of AI and start embracing its potential. The future of the industry depends on it.