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Corinium and FICO's report reveals an increased demand for AI during COVID-19

Thursday 16 July 2020 10:01 CET | News

FICO has released  a new report from the market intelligence firm Corinium that found the demand for AI, data, and digital tools is soaring amid the COVID-19 pandemic.  
Conducted by Corinium and sponsored by FICO, the report, dubbed Building AI-Driven Enterprises in a Disrupted Environment, surveyed more than 100 c-level analytic and data executives and conducted in-depth interviews to understand how organisations are developing and deploying AI capabilities. The study found that the pandemic have forced many organisations to adopt a more committed, disciplined approach to becoming an AI-driven enterprise, with 57% of the chief data and analytics officers saying that COVID-19 has increased demand for AI, digital products, and tools. 

Some key findings include:

Organisations rally to add AI capacity – 63% of respondents have started scaling AI capacity within their organization. However, enterprise chief data, and chief analytics officers are facing a wide range of challenges as they increasingly look to grow AI:

  • 93% say ethical considerations represent a barrier to AI adoption;
  • Building a team with the right skill set (66%);
  • Integrating new technology with legacy systems (62%);
  • Regulatory and compliance risks (60%).

 

Ethical and responsible AI – Half of survey respondents said they have strong model governance and management rules in place to support ethical AI usage, making this the most common approach to tackling the challenge. However, 67% of AI leaders don’t monitor their models to ensure their continued accuracy and ethical treatment.

AI enables post-COVID competitive advantage – From better customer experiences and reducing financial crime to automating business processes and improving risk management, respondents believe AI will help their organisations secure a competitive advantage.


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Keywords: Corinium, FICO, artificial intelligence, COVID-19, AI, analytics, data, pandemic, coronavirus, digital products
Categories: Securing Transactions | Digital Identity, Security & Online Fraud
Countries: World
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Securing Transactions