Artificial intelligence (AI) is becoming increasingly important in businesses, with seventy-five per cent of technology leaders looking into implementing Generative AI within the next year, according to a report by Experian conducted by Forrester Consulting. Business leaders identified technological disruption as the top external factor impacting their businesses in the next two years, highlighting the race towards AI supremacy to enhance business efficiencies and reduce costs. The majority of surveyed participants believe that competitive advantage in their industry will depend on who can make the best use of AI, with Generative AI expected to significantly improve risk assessment.
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. It was found that leaders are prioritizing the consolidation of siloed datasets into a single platform that combines data and analytics, enabling AI/ML capability and allowing for quicker deployment of models into production. However, many leaders feel that it takes too long to develop and deploy AI/ML models, with a growing need to update models frequently to adapt to changing consumer credit behavior.
Manish Jain, the Country Managing Director of Experian India, emphasized the importance of the race for AI superiority among business leaders and the focus on investing in analytics tools and infrastructure to better harness the power of data. The report shows that businesses are increasingly turning to cloud-based services to connect data, analytics, and software more effectively. Additionally, the majority of senior leaders are optimistic about growth in the upcoming year, with plans for increased investment in technology. However, there are still macroeconomic challenges to address, with customer financial hardship being a significant concern.
Experian’s report highlights the increasing adoption of AI and ML tools to enhance the precision of credit assessment for both new and existing customers, ultimately helping to safeguard vulnerable customers through proactive engagement. The majority of leaders agree that Generative AI will significantly improve the way they assess risk, signaling a shift towards leveraging AI technology for better decision-making processes. As businesses continue to invest in technology and AI capabilities, there is a growing focus on data consolidation and analytics infrastructure to streamline operations and drive innovation in a rapidly evolving market landscape.
In conclusion, the report emphasizes the critical role of AI technology in shaping the future of businesses, particularly in the Financial Services and Telco industries. The race towards AI superiority is driving leaders to prioritize investment in analytics tools and infrastructure to better harness the power of data and improve decision-making processes. As the adoption of AI/ML tools increases, there is a clear focus on optimizing risk assessment and credit evaluation through technology-driven solutions. By leveraging Generative AI and other advanced technologies, businesses can gain a competitive edge and enhance operational efficiencies in an increasingly digital and data-driven business environment.
