A recent survey has revealed that nearly 67 per cent of global business leaders believe that Generative Artificial Intelligence (GenAI) will significantly improve credit risk assessment. It also highlighted that a majority of respondents, around 68 per cent consider AI adoption crucial for maintaining a competitive edge in their industry.
The importance of leveraging AI in business operations is underscored by the fact that 75 per cent of business leaders believe their competitive advantage depends on making the best use of this technology.
Analyzing alternative data sources has emerged as a key use case for GenAI, highlighting the growing recognition of AI’s potential in driving informed decision-making.
Challenges and Risk Management
However, businesses face challenges in implementing AI/ML models, with 76 per cent of respondents citing lengthy development and deployment times as a major hurdle, the survey highlighted.
Despite this, investment in digital transformation remains a top strategic focus area, with 63 per cent of senior decision-makers prioritizing it amid economic uncertainty.
Risk management is another key area where businesses are focusing their efforts. Proactive customer engagement has emerged as a priority, with 49 per cent of risk leaders planning to increase such efforts to mitigate potential losses and build customer trust, the survey added.
By leveraging AI-driven insights, businesses aim to minimize risks and foster customer loyalty.
The survey underscores the growing recognition among business leaders of AI’s potential in driving growth, resilience, and competitiveness in an increasingly complex economic landscape.
