EY survey reveals CEOs embrace AI potential despite concern

European financial CEOs are embracing AI potential, according to EY, but 63% are concerned about unintended consequences and potential risks

A survey conducted by EY of CEOs across Europe has shown that AI is ultimately being embraced as a “force for good,” but concerns over unknown consequences still remain.

According to the company’s CEO Outlook Pulse Survey that was released in July 2023, more than half (56%) of European financial services CEOs believe that AI is working well to drive business efficiency. However, 63% have said that not enough is being done to manage unintended consequences.

AI and its use cases are continually being debated as AI use continues to explode into all aspects of life. However, whilst it has great potential, it is still important to be mindful of fraudulent or fake media that breaches pre-existing media.

71% say AI is used within strategy, with 63% continuing to remain wary

The July 2023 edition of the pulse survey canvassed the views of 96 European financial services CEOs on their strategic plans. Main concerns were revealed to be that while leaders embrace the potential advantages that AI can bring to businesses and society, they are concerned about the potential risks of emerging ’generative AI’ capabilities. 

More than half (51%) of Europe’s financial services CEOs have already integrated AI into their capital allocation, with 43% planning to do so within the next year. In addition, nearly three-quarters (71%) of financial services CEOs say AI is already being used within their strategy operations, with just 5% having no plans to incorporate AI into the workplace.

Yet, despite CEOs embracing the opportunities that are being created by AI, nearly two-thirds (63%) remain cautious of possible “unintended” consequences, according to the survey.

More than half of respondents stated that they believed more needed to be done in order to mitigate against AI “bad actors” who could use it to harm, such as by creating deepfakes or by spreading misinformation. The report also highlights how 52% of those surveyed believe that there should be a stronger focus on responsible AI and the ethical implications of it on key infrastructure.

“Ethics must remain central as firms progress their tech capabilities”

EY suggests that European financial services CEOs continue to adapt their investment strategies to maximise benefit. 94% are integrating AI, with half (51%) actively investing in the technology and 43% hoping to make investments within the next 12 months.

The survey aims to show how leaders believe that AI will support the human workforce, rather than replace it. It will do this by bringing value to current processes and improving efficiencies within businesses.

Patrice Latinne, EMEIA Data & Artificial Intelligence Financial Services Partner at EY, said: “Europe’s financial centres are increasingly tapped into the disruptive capabilities that AI offers today, but that does not mean there aren’t concerns about its application. AI is infinitely innovative, which – while exciting – comes with challenges. 

“Governance and transparency are increasingly crucial to the safe adoption of the technology, and ethics must remain central as firms progress their tech capabilities. With many firms and individuals maintaining an understandably cautious attitude, particularly towards generative AI, building confidence focused on the exponential value to be created will be fundamental to successful implementation.”

 

******

For more insights into the world of Technology - check out the latest edition of AI Magazine and be sure to follow us on LinkedIn & Twitter.

Other magazines that may be of interest - Technology Magazine | Cyber Magazine

Please also check out our upcoming event - Sustainability LIVE in London on September 6-7 2023.

******

BizClik is a global provider of B2B digital media platforms that cover Executive Communities for CEOs, CFOs, CMOs, Sustainability Leaders, Procurement & Supply Chain Leaders, Technology & AI Leaders, Cyber Leaders, FinTech & InsurTech Leaders as well as covering industries such as Manufacturing, Mining, Energy, EV, Construction, Healthcare + Food & Drink.

BizClik – based in London, Dubai, and New York – offers services such as Content Creation, Advertising & Sponsorship Solutions, Webinars & Events.

Share

Featured Articles

Should Tech Leaders be Concerned About the Power of AI?

With insights from Blackstone CEO Steve Schwarzman, we consider if tech leaders are right to be anxious about AI innovation and if regulation is necessary

Andrew Ng Joins Amazon Board to Support Enterprise AI

In the wake of Andrew Ng being appointed Amazon's Board of Directors, we consider his career from education towards artificial general intelligence (AGI)

GPT-4 Turbo: OpenAI Enhances ChatGPT AI Model for Developers

OpenAI announces updates for its GPT-4 Turbo model to improve efficiencies for AI developers and to remain competitive in a changing business landscape

Meta Launches AI Tools to Protect Against Online Image Abuse

AI Applications

Microsoft in Japan: Investing in AI Skills to Boost Future

Cloud & Infrastructure

Microsoft to Open New Hub to Advance State-of-the-Art AI

AI Strategy