FICO: APAC banks behind AI adoption curve

Asia-Pacific banks consider themselves to be lagging their peers in Europe and the US in terms of AI adoption (Image MF3d / iStockPhoto)

A survey of 33 chief risk officers conducted by data analytics company FICO found that 91% see their companies lagging behind banks in the US and Europe when it comes to adopting artificial intelligence (AI) technologies.

Only 9% of respondents thought that they were at least on par with the US and Europe counterparts, while not a single respondent felt they were ahead.

Forty percent say a lack of talent with AI expertise is their greatest challenge. The use of legacy systems (28%) came in second, followed by cost (16%).  

"The shortage of talent continues to be an issue worldwide as the use of AI continues to grow quickly," said Dan McConaghy, president of FICO in Asia-Pacific.

The survey also found that more than half of APAC respondents see AI and machine learning as a means to help improve operational efficiency. Respondents ranked the areas that would receive the greatest benefit from the technology as credit decisions (68%), followed by fraud detection (45%) and then collections (35%).

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