Applied A.I. leads tech adoption: McKinsey PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Applied A.I. leads tech adoption: McKinsey

McKinsey & Co. says in a new report
that applied artificial intelligence is the biggest tech priority worldwide,
including financial services.

Companies invested $165 billion into the
field in 2021, making applied A.I. close to mainstream.

Machine learning, computer vision, and natural-language
processing are being deployed to automate activities and make better decisions.
McKinsey estimates more than half of companies are now adopting A.I., according
to a survey of global corporations.

More: the survey finds 27 percent of respondents
attributed 5 percent or more of their companies’ earnings before interest and
tax to A.I.

Within financial services, leading uses of A.I. include supporting risk management, such as detecting credit-card fraud.



But A.I. is being applied across every
major business vertical, from healthcare to energy, transport to education.

“The biggest shift affecting A.I.’s broad adoption is tied to more mature tooling and the emergence of a canonical tech stack that is drastically simplifying how A.I. solutions are engineered and integrated with other digital applications,” said Jacomo Corbo, partner at McKinsey and a co-author of the report.

Beyond A.I.

Nonetheless, companies are restrained in
their use of A.I. by lack of resources, including talent; cybersecurity
concerns; and question marks regarding how much they can trust A.I. results – a
governance issue.

The next two most important technologies
that companies are researching and deploying are cloud and edge computing ($136
billion invested in 2021) and advanced connectivity – especially 5G and 6G, WiFI,
at $166 billion. Advanced connectivity was a low priority in financial services,
however.

Within financial services, the largest investments
(beyond A.I. and cloud) are going to next-generation software development (for
onboarding, know your customer, and customer due diligence), digital identity
9for compliance but also for decentralized finance, or DeFi), Web3 (also DeFi
as well as tokenizing payments and asset management), and mobility (for
insurance).

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