4 key takeaways

Experian’s 2023 Business Insight Report lists the key takeaways from its survey of financial services and telco organizations as:

1. AI-powered insights

Persisting economic uncertainty - driven by high inflation, geopolitical threats and climate disruptions - means that businesses need to update credit risk models more frequently and improve the predictive power of their models. AI is key to enhancing model performance, and when combined with the right analytics infrastructure, can shorten the time to deployment.

2. Seamless connectivity

Connecting and managing data assets in a coherent data fabric that can adequately support AI/ML use cases is the biggest stumbling block preventing businesses from realizing the full potential of AI.

Cloud platforms that allow for a secure consolidated data infrastructure can help answer this problem by providing easy access to data across internal teams with a scalable capacity to manage the quantity of data required for effective AI-based analytics.

3. Managing AI risks

Explainability continues to be a significant challenge and has become essential to mitigate the risks associated with AI. Transparent AI decisions are likely to be a critical component of the upcoming AI regulatory framework and allow for human oversight to ensure that AI is used in an ethical and responsible way.

4. Priorities & budget plans

Adopting advanced analytics with AI/ ML capabilities is the most critical business priority for the next 12 months. This priority aligns with the top 2 budget allocation areas of data-driven customer insights and AI/ML-based services. Businesses are starting to implement AI in a wide variety of different areas after initial testing in a few selective use cases.