Enterprise AI: Are we at the crest or the trough?

In this article from Global Finance Magazine, Dennis Gada (EVP and Global Head of Banking & Financial Services) highlighted how the consumerization of AI, exemplified by tools like ChatGPT, is allowing individuals to experience AI on a personal level. AI is expected to follow a similar trajectory, but at a much faster pace.

Additionally, enterprise adoption of AI has increased. The technology now accounts for 31% of bank technology budgets as per the Infosys Bank Tech Index, up from 20% previously. There are three factors to consider if the spark of a technology is short-lived or it is at the crest of a new era.

• Business value is emerging
• Positive societal impact
• Regulations are catching up

Dennis believes that within five years, AI will be capable of solving complex business problems on a large scale. However, the technology still has significant challenges to overcome. Currently, AI is not yet providing early warning signals for risk, and fraud and cyber threats continue to increase. Additionally, AI needs to enhance its decision-making capabilities for portfolio analysis and credit decisions.