With artificial intelligence (AI) gaining prominence in businesses, seventy-five per cent of technology leaders are exploring Generative AI for implementation within the next year, according to Experian's report conducted by Forrester Consulting.
The report says that the business leaders identified technological disruption as the top external factor impacting their business in the coming two years, putting emphasis on the race toward AI supremacy to improve business efficiencies and reduce costs.
Seventy-five per cent of surveyed participants believe that competitive advantage in their industry will be dependent on who can make the best use of AI.
The same percentage of leaders senior leaders agree that Generative AI (GenAI) will significantly improve the way they assess risk, as per the report.
The research surveyed 1320 Financial Services and Telco C-suite and Director level leaders across ten countries in the Europe, Middle East, and Africa (EMEA) and The Asia-Pacific (APAC) regions, including India, Australia, Denmark, Germany, Italy, New Zealand, Norway, South Africa, Spain, and the Netherlands.
"This year's research highlights the importance of two critical factors - first the race for AI superiority, with business leaders believing it to be critical to gain competitive advantage in their sector. And secondly, the clear focus on investment in analytics tools and infrastructure to better harness the power of data, with many businesses still struggling with the time and effort required to develop and deploy models. The findings suggest businesses are increasingly adopting cloud-based services to better connect data, analytics and software," says Manish Jain, Country Managing Director, Experian India.
The report reveals that the data and analytics leaders are prioritising the move of siloed datasets into a single platform that combines data and analytics, as this better enables AI/ML capability and allows them to push models into production in weeks instead of months.
It further added that more than three-quarter or 76 per cent of respondents believe that it takes them too long to develop and deploy AI/ML models, with 63 per cent stating that they are updating their models more frequently than ever before to adapt to changing consumer credit behaviour.
"It is encouraging to see that the majority of senior leaders are optimistic about growth in the year ahead, with plans for greater investment in technology as a result. But we are still facing broader macroeconomic challenges, with customer financial hardship highlighted as a significant concern. AI and ML tools present a considerable opportunity to enhance the precision of credit assessment, for new and existing customers, and thus can help safeguard vulnerable customers with proactive engagement," says Malin Holmberg, CEO, EMEA and APAC, Experian. (ANI)
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