44% see AI boosting productivity in finance, study says

Survey reveals how AI boosts productivity and poses challenges in finance and insurance sectors

44% see AI boosting productivity in finance, study says

A survey conducted by AIPRM (Artificial Intelligence-Powered Response Manager) has highlighted the expanding integration of artificial intelligence tools, such as ChatGPT, in the finance and insurance sectors.  

With 57 percent of US workers having experimented with ChatGPT since its inception in 2022, and AI-related workplace searches increasing by 350 percent over the past year, the adoption of AI technologies in professional settings is evidently rising.   

The survey, which involved 6,000 US workers across 15 different industries, sought to explore the actual application of AI in the workplace, its benefits, and its potential drawbacks, with a particular focus on the finance and insurance sectors. 

  Key Findings on AI Usage: 

  • Weekly AI Utilization: 18 percent of finance and insurance industry workers use AI tools weekly. 

  • AI for Communication: 5 percent of these professionals employ AI to draft emails and letters. 

  • Boost in Productivity: 44 percent of finance workers report an increase in productivity due to AI. 

Generative AI Tool Utilization Frequency 

  • Regular Use: 20 percent of workers in the finance and insurance industry use AI tools more than once a week. 

  • Extended Prose and Emails: 6 percent use ChatGPT for writing extended prose, while 5 percent use it for emails and letters. 

  • Job Applications: Only 1.5 percent use ChatGPT for job applications within the finance and insurance sector, compared to 3 percent in the arts and information sectors. 

  • Rare or No Use: 57 percent stated they rarely or have never used a generative AI tool in the workplace. 

Benefits of AI in Finance and Insurance 

The survey identified several benefits associated with AI use in the workplace:   

  • Increased Productivity: Cited by 44 percent of respondents. 

  • Reduced Error Risk: Noted by 42 percent. 

  • Enhanced Decision-Making: Seen by 39 percent. 

  • Quicker Customer Response: Recognized by 34 percent. 

Drawbacks of AI Adoption 

Despite the benefits, certain concerns were raised regarding AI's integration:   

  • Data Security: 38 percent highlighted data security and privacy issues. 

  • Technical Skills Requirement: 27 percent mentioned the need for technical skills to efficiently use AI. 

  • Technology Dependency: 26 percent expressed concerns over becoming too dependent on technology.