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CIOs struggle to find machine learning experts

Among other duties, a CIO is responsible for making everything related to technology in the company run smoothly. But this is increasingly requiring a more exhaustive management of information and data, which in turn does not stop increasing. In order to cope with this increased importance of data and information, many resort to automating certain daily tasks related to them through machine learning. But there’s a problem: CIOs can’t find enough machine learning experts to cover the needs and jobs they have for them.

This is stated by CIOs from banks, insurance companies and various types of financial companies, who point out that their commitment to accelerating the use of Artificial Intelligence is being held back by the shortage of candidates with the skills they need. Furthermore, uncertainty over data privacy regulations further complicates the situation. According to The Accidental Successful CIO, the majority of CIOs have implemented some form of Artificial Intelligence, and 77% expect intelligent software to become a key ingredient for business in the next two years.

Among other areas, financial services companies hope to increase the use of machine learning and Artificial Intelligence in risk management, fraud detection and surveillance, and in customer communications. Also in the development of new income generating services.

Over the past six months there has been a steady growth in demand from customer leadership for AI-enhanced robotic process automation tools. Especially in the banking and financial services sectors. But despite this increase, more than 80% of CIOs have access to data and a shortage of employees with the technology skills they need among their top automation challenges.

These managers are developing all kinds of smart tools within their companies, leveraging vast amounts of customer data, such as their banking and shopping information, or their social media habits. Therefore, Artificial Intelligence is a competitive advantage for your companies. CIOs are very clear about what problems they want to solve with the information and how they can use it. And to address the talent shortage, CIOs are betting on giving AI-specific training and other skills to existing employees.

CIOs also have to be aware of the movements of the big technology companies, which have huge amounts of data and much more talent, because they are already looking at the financial services sector to continue growing. CIOs of financial services companies, in fact, see these corporations that take advantage of Artificial Intelligence as emerging competitors in the sector. As an example, the bank cards that some, like Apple, have already launched.

CIOs too have to deal with the UK leaving the European Unionas adds confusion to GDPR data privacy rules. In the US, moreover, there is uncertainty about how strict California will be in enforcing a privacy law that gives residents the right to ask banks and other companies to give them the personal data they hold about them. Additionally, CIOs have to honor requests from customers who want this data deleted. All of this means that CIOs increasingly need employees who have AI expertise and can develop the right AI algorithms to meet their automation needs.

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