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%).