APAC banks feel left behind by Western peers in AI: survey

Two in five believe that lack of available talent is holding them back.

Majority of APAC banks are feeling unrest as 91% of them think that they lag behind their counterparts in the US and Europe in terms of AI implementation, a study by analytic software firm FICO found.

Meanwhile, the remaining 9% believe that they are at least on the same track with their counterpats in the US and Europe in terms of AI adoption in their operations.

Two in five of the said APAC banks think that it was the lack of available talent that hindered them the most to adopt AI and machine learning into their operations. “The shortage of talent continues to be an issue worldwide as the use of AI continues to grow quickly,” Dan McConaghy, president of FICO in Asia Pacific said in a statement.

Also read: Singapore banks rev up tech hiring to plug digital vacancies

Other banks stated that it was the use of legacy systems (28%), as well as costs (28%) that hampered them in adopting the said technologies.

Also read: Indian banks embrace AI to drive costs down

Despite most of the banks admitting that they are lagging behind AI adoption, more than half of the respondents believe that AI and machine learning could help improve operational efficiency especially in credit decisions (68%), followed by fraud detection (45%), and collections (35%).

Also Read

Standard Chartered launches digital request quote module Autoquote

Citi launches Token Services for Cash for institutional clients

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit