Automation, artificial intelligence and blockchain: survey findings

For over 25 years, Synectics Solutions has worked with many national and global organisations, of all shapes and sizes delivering a variety of technology based software and data management solutions, and as such is well placed to gauge broad opinion on current trends among our clients. Specifically, Synectics Solutions collaborate with these organisations to help them maximise their fight against multiple types of fraud or financial crime and mitigate risk.

Following a survey in late 2017, we’re pleased to present insight from our clients into their opinions and intentions when it comes to deploying a number of new technologies. While not a comprehensive view of industry thinking, a poll of our clients provides a helpful dip-check of understanding and implementation when it comes to technology’s impact on the UK’s financial services sector.

Specifically, we explored current thinking and adoption levels around three things: automated processes, artificial intelligence and blockchain. The survey was deliberately designed to restrict responses to these three areas, often the most hyped in our industry media.

In amongst the hype, it’s often the case that the terms for these new technologies are mixed up and confused, which doesn’t help when it comes to wider understanding of the potential positive benefits. of companies have been victims of fraud in 2017.

Although not designed to be exhaustive, the Synectics client survey is a good indication of how industry is responding to the changing technological landscape.

Our survey ran from July 2017 to December 2017 and was advertised through the Synectics Connect magazine and an email campaign. Responses received came from senior fraud analysts and others at insurers, banks and other financial services companies.

The majority of respondents are already using some form of automated processes in their business

A big concern amongst respondents for implementing automated processes is that it would cause mistaken classifications

There is a feeling that there needs to be high quality implementation of these technologies across sectors for them to become effective.