A recent report from Experian, conducted by Forrester Consulting, reveals that 75% of technology leaders are planning to implement Generative AI (GenAI) within the next year. The study highlights the growing emphasis on artificial intelligence (AI) as a key driver of business transformation and efficiency across multiple industries.
AI as a Competitive Advantage
The report emphasizes that technological disruption, particularly AI, is viewed by business leaders as the top external factor influencing their operations over the next two years. Seventy-five percent of surveyed leaders believe that the ability to harness AI effectively will determine competitive advantage in their respective industries. They are racing towards AI supremacy to boost operational efficiencies and reduce costs.
Generative AI, in particular, is gaining attention for its potential to transform business processes, with leaders anticipating significant improvements in how they assess risk using AI tools.
Survey Highlights: AI in Financial Services and Telecom
The research surveyed 1,320 C-suite and Director-level leaders across financial services and telecommunications sectors in 10 countries, including India, Australia, Germany, South Africa, and Spain, among others. These regions span Europe, the Middle East, Africa (EMEA), and Asia-Pacific (APAC).
Manish Jain, Country Managing Director at Experian India, noted the report’s findings, saying, “The race for AI superiority is critical to gaining competitive advantage. Businesses are also investing in analytics tools and infrastructure to better harness data.”
Despite the optimism around AI adoption, the report highlights significant challenges. Over three-quarters (76%) of leaders said it takes too long to develop and deploy AI/ML models, and 63% reported needing to update their models more frequently to respond to shifting consumer credit behaviors.
Data silos remain a key obstacle. Leaders are prioritizing efforts to move siloed datasets into unified platforms that integrate data and analytics, enabling faster AI and machine learning (ML) capabilities. This shift is expected to reduce the model deployment timeline from months to weeks.
Another key trend identified is the growing reliance on cloud-based services to connect data, analytics, and software. This is seen as a vital step in overcoming delays in AI/ML model development and deployment. The report suggests businesses are increasingly adopting these services to facilitate smoother and faster data-driven decision-making.
Malin Holmberg, CEO of Experian EMEA and APAC, highlighted the broader challenges businesses face, particularly around customer financial hardship. AI and ML tools, he said, offer a considerable opportunity to enhance credit assessment precision, helping safeguard vulnerable customers through proactive engagement.
The findings underscore the significant role AI and machine learning are expected to play in shaping the future of industries, particularly in sectors like financial services, where accurate risk assessment and consumer behavior adaptation are essential for growth.
