The Riverbed Global AI & Digital Experience Survey provides a snapshot of the industry, highlighting the approach, attitude and strategies for successfully implementing AI
Riverbed, a leader in AI Observability, presented the results of the Riverbed Global AI & Digital Experience Survey relating to the use of new technologies in the financial services sector. According to the survey, organizations in the industry are largely oriented towards adopting AI, with 94% of business and IT decision makers agreeing that AI will improve the digital experience of users. Leaders then see the adoption of AI as a strategic tool to improve performance and drive growth.*
Compared to other sectors, the financial services sector appears to be among the best prepared for the adoption of AI. 46% of leaders say their organization is already capable of implementing an AI strategy (versus an average of 37%). However, the majority is not yet fully ready, and a preparation gap persists. Additionally, the Survey reveals that industry leaders require reassurance about data privacy and accuracy before delivering secure digital experiences to end users.
Industry decision makers are more confident about the benefits of adopting AI than in most other industries, with 96% of respondents believing AI offers a competitive advantage. Financial organizations compete with digitally native startups, which requires a strategic approach to AI to reduce costs, increase efficiency, offer tailored services and mitigate risks for customers.
While AI is still maturing, trust in the technology is growing: 65% of leaders would prefer to use AI to automate a major IT upgrade rather than rely on a driverless car – 4% higher than the global average.
Investments in infrastructure and talent to meet generational needs
Nearly all finance industry leaders (99%) consider AI a key or moderately important strategic priority for their organization. Furthermore, perceptions of AI are slightly more optimistic than other areas, with 62% of leaders believing their teams are supportive of adopting the new technology and only 3% skeptical (compared to the global average of 59% and 4% respectively).
When asked which generation feels most comfortable with AI, leaders point to Generation Z (55%), followed by Millennials (36%), while Generation X and Baby Boomers represent just 9% combined. This perception is common across all sectors, and reflects a widespread concern that AI could replace those who hold knowledge, making it more accepted by digital natives. This generational shift could explain why 68% of financial organizations are increasing investments in infrastructure and talent, demonstrating a forward-thinking approach to the sector.
Financial organizations ready to improve DEX and operational efficiency with AI
In the 2023 Riverbed Global Digital Employee Experience (DEX) Survey, 92% of financial services leaders believed pressure on IT resources would increase to meet expectations for improved DEX. Now, it is clear that AI automation can offer a solution to these growing expectations: nearly half (49%) of leaders report that AI has optimized or will optimize resource utilization within three years, improving workplace climate and supporting teams in day-to-day tasks.
Over the same timeframe, leaders expect AI to streamline processes by improving workflow automation (71%), automatic problem resolution (62%), and offering 24/7 support through tools such as chatbots (62%).
Currently, the top reason for using AI in the finance industry is almost evenly split between operational efficiency (51%) and business growth (49%). However, over the next three years, the main priority is expected to be demand development (54%), while operational efficiency will become slightly less of a priority (46%).
Generative AI (Gen AI) will also gain ground in IT operations over 12 to 18 months. To date, 36% of organizations have Gen AI use cases in production or production-ready prototypes. Industry leaders predict that within 12-18 months the percentage will rise to 71%, demonstrating that the sector is among the most advanced in the adoption of AI.
Concerns about data integrity and completeness
The Survey revealed three areas where there is a significant gap between enthusiasm for AI and its implementation, although financial services continue to show above-average progress in terms of readiness. As mentioned, there is a Readiness Gap, with less than half (46%) reporting they are fully ready to implement AI projects, although this percentage is nearly 10% higher than averages for other industries.
There is also a Reality Gap, with 85% of leaders saying they are “significantly” or “slightly” ahead of competitors in adopting AI for IT services and digital experience. This gap between perception and reality means that many leaders are confident about where their IT function stands relative to industry peers on each other's AI journey.
However, the main concern for the sector is the Data Gap, an area where financial organizations need to improve to compete with the industry average, although this remains a concern shared across all industries.
“Since the financial sector traditionally handles more sensitive information than other sectors, it is not surprising that 80% of leaders are concerned that proprietary data could be publicly accessible due to the use of AI,” he said Jim Gargan, Chief Marketing Officer di Riverbed. “Additionally, leaders have reservations about the effectiveness of the data available to them, with only about a third rating their data excellent for completeness (36%) and accuracy (34%) – the lowest percentage of all industries.”
Gargan added: "The effectiveness of AI depends on the quality of the data, and the Data Gap is one of the biggest obstacles to success in its implementation. At Riverbed, we help companies close this gap with a real-world approach, based on an AI-powered platform capable of providing rich data and observability across the IT environment. Riverbed AI is designed to be secure, reliable and precise, and provides tangible value through data-driven insights, which allow organizations to optimize the Digital Experience and achieve results of better businesses."
Observability and reliable data will be crucial for the full implementation of AI
Survey results indicate that organizations in the industry are more interested in addressing the Data Gap than their counterparts in other industries. Most leaders (92%) say using real, rather than synthetic, data is critical in AI efforts to refine DEX, and 91% agree that observability across all IT elements in an AIOps strategy is important. These percentages are slightly higher than in other sectors.
Financial services leaders are also more aligned with the general consensus on the benefits of other AI strategies, including:
– Over 84% believe that observabiity is extremely or moderately important to overcome network blind spots, including public cloud, remote work environments, zero trust architectures and enterprise mobile services.
– 45% have created teams dedicated to observability and/or user experience, and over half of organizations (55%) have teams dedicated to AI implementation.
Industry organizations are clearly adapting their infrastructure to optimize the benefits of emerging technologies. AI is undoubtedly a central aspect of the future of the sector, but strategic adjustments and greater data reliability are still needed to achieve full integration. Companies that act quickly to close these gaps will not only ensure safe and uninterrupted operational performance, but will also gain a significant competitive advantage in an increasingly AI-driven landscape.
Methodology
The Riverbed Global AI & Digital Experience Survey surveyed 1,200 IT, business and public sector leaders across seven countries and seven industries, all with more than $250 million in annual revenue (over $500 million in the US, UK and France), providing a snapshot of how companies are adopting AI. Industries included are manufacturing, financial services, retail, government/public sector, healthcare providers, energy and utilities, and transportation and airlines. In total, 200 decision makers from the financial services sector were interviewed. The survey was conducted by Coleman Parkes Research in June 2024.
