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Knowledge, Attitude, and Perceptions of Financial Industry Employees Towards AI in the GCC Region

Abstract

The financial services industry is at a crossroads around the world due to successive waves of innovation from mainframes, databases, desktop and personal computing, business software, big data, Internet of Things (IoT), and Artificial Intelligence (AI). Many start-ups such as Financial Technology (FinTechs) providers are challenging the traditional banking system by offering faster services without compromising compliance or risk especially in Gulf Cooperation Council (GCC). The collective nominal GDP for the GCC is nearing US$2trn in 2020. Recent unprecedented developments in big data, virtual reality, e-commerce, machine learning, and AI offer enormous business opportunities to financial institutions. On the other hand, the development might be hindered due to knowledge, attitude, and perceptions of professionals working in the GCC region. This research is developed through an online and paper-based questionnaire with responses from 157 professionals in the six GCC countries. The study uses descriptive and inferential statistics to analyse the data using SPSS. The findings show that the overwhelming majority of respondents in the GCC countries are familiar with AI from a business and finance perspective. The findings also identify participant’s concerns about ethical, security, and data privacy issues.

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Notes

  1. 1.

    UAE has UAE National Agenda 2021, Saudi Arabia has National Transformation Program 2030, Qatar National Vision 2030, Oman Vision 2040 as National Program for Enhancing Economic Diversification, Kuwait follows Kuwait National Development Plan 2035 and Bahrain has outlined Economic Vision 2030.

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Acknowledgements

The author acknowledges the support of Mr. Ammad UlRehman in the data collection process.

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© 2021 The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd.

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Ashfaq, M., Ayub, U. (2021). Knowledge, Attitude, and Perceptions of Financial Industry Employees Towards AI in the GCC Region. In: Azar, E., Haddad, A.N. (eds) Artificial Intelligence in the Gulf. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-16-0771-4_6

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  • DOI: https://doi.org/10.1007/978-981-16-0771-4_6

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  • Publisher Name: Palgrave Macmillan, Singapore

  • Print ISBN: 978-981-16-0770-7

  • Online ISBN: 978-981-16-0771-4

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)