Despite calling the sector ‘digitally fit’, new research shows leaders across finance are worried they can’t keep up.

A quarter (26%) of finance sector leaders suffer from “tech anxiety” around AI and machine learning, characterised by a lack of confidence in their organisation's ability to adapt to the technology. 

The ‘2024 Leadership Priorities in Tech’ report by consultancy Kin + Carta showed that one third (34%) of those who identified AI as a source of anxiety attribute their concern to a distrust of data, while 41% blame an internal skills gap, suggesting a lack of substantial data foundations in place across organisations.

The most common source of anxiety, as cited by 29% of respondents, was cyber security. The study involved 800 C-suite figures across the finance sector. 

“Security has always been top of the tree when it comes to tech anxiety for financial services, but the rise of disruptive technologies such as AI has caused a lot of apprehension in the sector,” says Richard Neish, global chief strategy officer at Kin + Carta. 

15% of respondents claimed to be investing more in AI and machine learning than any other part of their digital estate however, suggesting an effort to tackle uneasiness around the technology. 

“While the industry is digitally mature in many ways, it does not prevent leaders from being cautious when new tech enters the scene," Neish continues. “Economic volatility is increasing pressure on budgets and demanding greater speed to value. But with great change comes great opportunity.

"Leaders must be flexible, leverage data, and build transformation around business needs in order to succeed.”