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

Muhammad Ashfaq () and Usman Ayub
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Muhammad Ashfaq: IU International University of Applied Sciences
Usman Ayub: COMSATS University Islamabad

Chapter Chapter 6 in Artificial Intelligence in the Gulf, 2021, pp 95-115 from Springer

Abstract: Abstract The financial services industry is at a crossroads around the world due to successive waves of innovationinnovation 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 (GCCGCC). The collective nominal GDPGDP 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, attitudeattitude, and perceptionsperception 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 GCCGCC countries are familiar with AI from a business and finance perspective. The findings also identify participant’s concerns about ethical, securitysecurity, and data privacyprivacy issues.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-16-0771-4_6

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DOI: 10.1007/978-981-16-0771-4_6

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