Explanation:
The correct answer is C.
According to McKinsey and Co.'s 2019 survey, AI adoption in the financial services sector was still developing, with only 36% of industry respondents stating that their companies had adopted AI in at least one function such as back-office process automation. The other options overstate the actual level of AI integration across high-frequency trading, risk management, and credit evaluation at that time.
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Q.5637 Alan Turing's pivotal work in the 1950s laid the groundwork for modern AI, which has seen varied applications in the financial sector. By 1997, AI achieved a significant milestone when IBM's Deep Blue defeated Garry Kasparov in chess. In the context of the banking industry's adaptation of AI, which of the following statements accurately reflects the findings of McKinsey and Co.'s 2019 survey regarding the implementation of AI in the financial services sector?
A
Over 50% of industry respondents reported that their companies had deployed AI-based applications in high-frequency trading.
B
The majority of industry respondents indicated that their companies had already fully transitioned to AI-powered risk management systems.
C
Only 36% of industry respondents stated that their companies had adopted AI for back-office process automation.
D
A significant majority of respondents claimed that AI-based applications for credit evaluation were commonplace across the industry.