UK Leaders Look to Artificial Intelligence to Mitigate Risk
October 11, 2023
Amid uncertainty in the financial forecast, FIS conducted a study that takes a look at how this very problem influences innovation across industries.
The study, titled Global Innovation Report, interviewed 2,000 c-Suite and senior executives in both financial and non-financial industries across the globe, hoping to gain some insight into the key areas of innovation for the next year.
The study found the top concern of 62% of business leaders in the UK is that they are more exposed to financial risk than ever before.
42% of UK leaders revealed they have experienced financial risk, and 52% of these leaders are addressing the problem by assigning more existing staff to deal with it, however, 42% say a lack of expertise or knowledge plays against them, and hinders their ability to implement any solutions to mitigate risk.
While this is true for many industries, 80% of retail leaders and 70% Fintech leaders have noted increased risks to their businesses. 97% of UK executives say they are either currently pursuing or plan to pursue innovation strategies in the next 12 months to minimize any risks to their businesses.
As a result, many organization leaders are turning to artificial intelligence (AI). With 60% of financial service leaders who have used AI, claiming they will continue to spend on it the following year in order to gain competitiveness.
UK business leaders are understandably unsettled by the risks posed by the current challenging economic climate, as supply chain disruptions, high interest rates, and skills shortages have piled pressure on to their performance, But there are signs of optimism as executives eye emerging technologies, such as artificial intelligence, to boost productivity.
Khodri added that while AI has a lot of hype in general, the report found it has “real practical benefits”, and the general consensus among business leaders is that AI will boost their competitiveness, adding that this could be a game changer for the UK economy.
We invite you to take a look at the very in-depth report for more information both in the financial and non-financial sector.
Want to learn more? Check out Payments Cards and Mobile’s full write-up here.
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