A recent survey conducted by Forrester Consulting on behalf of Experian reveals that business leaders in the financial services and telecommunications sectors are increasingly leveraging Generative AI (GenAI) and data-driven decisioning to gain a competitive advantage in challenging economic conditions.
The study, which polled over 1,200 C-suite and director-level executives across ten countries in Europe, the Middle East, Africa, and Asia-Pacific, found that technological disruption ranks as the third largest external factor impacting businesses in the next two years.
A significant majority of respondents (68%) believe that competitive advantage in their industry will hinge on the effective use of AI. Nearly three-quarters (73%) of technology leaders are exploring GenAI use cases with plans to implement them within the next year, underscoring the urgency of the AI race.
The survey also highlights the importance of centralized, cloud-based platforms in improving risk strategies. With 47% of respondents anticipating additional credit stress and tightened lending criteria, many risk leaders (42%) are prioritizing the identification of financially vulnerable customers.
Data and analytics professionals are focusing on unifying siloed datasets to accelerate AI and machine learning model development. More than half (55%) of respondents feel current development times are too long, while 48% report updating their models more frequently due to shifting consumer behavior.
Malin Holmberg, CEO of EMEA & APAC at Experian, commented on the findings: “This year’s research highlights the growing importance of AI and data analytics for businesses seeking a competitive edge. While we are still facing broader macroeconomic challenges, the majority of leaders remain optimistic about future growth and increased technology investment.”
As businesses navigate economic uncertainties and technological advancements, the integration of data sources, AI implementation, and streamlined data-to-insight processes are becoming crucial for improving customer relations and fostering sound lending practices.
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