Report
Financial Services Tech Report on Search and AI in 2023
Search is what customers use nowadays when seeking information for their financial needs — making it an essential capability for Financial Services Institutions (FSI). Yet few firms get it right.
In this free report, you’ll discover the top challenges FSIs are facing when implementing enterprise search — and how artificial intelligence can help overcome them.
- The power of intelligent search is often undervalued. From nearly 100 IT professionals in financial firms surveyed, 87% say enterprise search is critical to driving their digital transformation. Yet, 89% find it difficult to obtain management’s engagement for search initiatives.
- Search is key to improving the digital experience. 92% of our respondents use search analytics to understand what users are looking for, what’s missing, what’s broken ... so they can improve the customer experience.
- SCoEs aim to deliver on transformation promises. 66% of respondents are interested in building a Search Center of Excellence (SCoE) — in order to overcome enterprise search challenges and accelerate their transformation.
- Search investments continue — haphazardly. 97% of respondents said their organizations continue to invest in enterprise search capabilities. However, they're addressing singular issues — leaving them unable to deliver a unified digital customer experience.
- Executive engagement is lacking. 99% of IT professionals in financial firms indicated that there’s a disconnect between the need for enterprise search capability and the business support received.
- 96% struggle to find search talent. As intelligent search becomes key for digital transformation, the skills required to successfully run an enterprise search program continue to grow.
- 100% report technical challenges. When it comes to enterprise search, information security is one of the biggest technical challenges financial institutions face. Protecting client data can't be ignored.
- 99% are still manually tuning search. Despite FSIs customizing search results manually, they still don't let users find truly personalized results that match their user intent.
Building search within financial services organizations is not a silver bullet.
But when prioritized and centralized, intelligent search can transform both the employee and customer experience — get the free report to learn how!
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