Applying AI in the Asset Finance Industry: A snapshot from insight shows high willingness but a lack of skilled people to do so.

The statistics are from an Applied AI Workshop/Training we ran in March 2023 with 15 Senior Managers from 8 renowned Asset Finance Companies. We don’t claim the statistics are representative for the entire Asset Finance Industry but as an interesting snapshot from insight.

In a nutshell:

None of the participants see that their companies already have AI supported/based processes/products in production but 75% are evaluating it in trial- or proof of concept projects.

The “Willingness” to apply AI scored very high with a median of 8 (scale from 0-10) while the “Capability” to do so is lacking behind that high ambition. (Median score of 5)

Within the missing capabilities the “Lack of skilled people”, which scored 39% of the votes, pointed this out as the worst bottleneck for further AI adoption.

An immediate response to this could naturally be to hire more Data Scientists and Data/AI Engineers, but before leaping to this conclusion, we would like to direct your thoughts to 2 other areas we’ve seen as being critical in driving effective AI led outcomes, namely:

• The “Translator”-Function – which we see as a critical area in bridging the business and technology gap.
• Senior sponsorship within businesses – typically a member of the Senior Management Team who really understands the potential and application of AI adoption.

Please share with us your thoughts.  Who (CEO/CTO/CFO …) in your company is driving your AI adoption and where you are up to.

Please contact us for the unabridged article and further details.

Author @Heiko Eich      heiko.eich@invigors.com

#AssetFinance #AppliedAI #AITOGO