Some 60% of financial institutions have entered the execution stage of artificial intelligence transformation, or AX, including applying the technology to actual operations, according to a survey. Securing AI reliability and data integration emerged as key challenges in the financial sector.
KT (030200.KS) said on the 14th that it has published the "KT AX Insight Report," which analyzes the state of AI transformation and major challenges in the financial and public sectors.
The report consists of two editions covering finance and the public sector. In July, KT surveyed a total of 400 people, including 200 employees at domestic banks, securities firms, insurers and credit card companies, and 200 employees at central government ministries, local governments and public agencies.
The survey found that 59.5% of financial institutions and 30% of public institutions have entered the AX execution stage, defined as conducting proof-of-concept projects, applying AI to some operations or rolling it out across the organization. In the financial sector, respondents cited demonstrating return on investment from AI spending and establishing trust in the technology as the main challenges. In the public sector, respondents pointed to the need for a framework linking budgets to measurable outcomes and for data integration across agencies.
The report covers response strategies to regulatory changes such as the easing of network separation rules and revisions to AI guidelines, along with the current state of AX efforts, remaining challenges and plans for wider adoption in both sectors. For the financial sector, it recommends starting with tasks that produce results relatively quickly, such as repetitive document processing and customer service, and building a framework to measure ROI. For the public sector, it proposes introducing AI in phases beginning with low-risk tasks such as drafting documents and handling public inquiries, and creating a system that ties outcomes to budgets.
KT plans to position itself as an "end-to-end AX partner" that combines its own AI services, platforms and infrastructure capabilities to support clients from strategy planning through implementation, operation and upgrades. Chang Dae-sung, a senior vice president at KT, said, "We hope the AX Insight Report, created based on the voices of our customers, will help clients successfully pursue AI transformation."
