A recent survey conducted by Forrester Consulting on behalf of Experian reveals that 65% of business leaders believe Artificial Intelligence (AI) has significantly improved customer experiences.
The study highlights AI’s impact on faster and more precise decision-making, personalized offers, and quick access to customer support. Francois Grobler, Chief of Decision Analytics at Experian Africa, emphasizes the importance of a high-quality digital customer experience in today’s competitive landscape.
The research demonstrates that AI and Machine Learning enhance the accuracy of models assessing creditworthiness and affordability. This improvement leads to more inclusive lending and personalized terms based on a better understanding of customers’ financial circumstances.
Grobler notes, “Our AI-powered solutions help businesses make faster and more accurate decisions, enhancing fraud detection. Significant progress is seen in identity verification, virtual assistance, automated onboarding, and early warning systems for vulnerable customers.”
Experian’s research reveals that 75% of senior leaders prioritize investing in new data sources and implementing a fully digital customer experience for customer onboarding. Grobler emphasizes that having the right AI tools to analyze data and turn it into actionable insights is crucial for improving creditworthiness and risk assessment.
As financial services and telcos aim to enhance credit risk and fraud models through AI adoption, Grobler highlights the cloud as an essential enabler. The cloud provides the necessary computing capacity to handle the high volume of data required for AI and Machine Learning.
“As the race to reduce risk and provide faster digital decisions is turbocharged by AI, the adoption of the cloud becomes an essential stepping-stone in realizing AI’s potential,” Grobler asserts.
Source: Punchng
