In the face of challenging global economic conditions, a new report by financial services technology company FIS delves into how corporate executives from various industries are responding and innovating. The FIS Global Innovation Report surveyed c-suite and senior executives in both financial services and non-financial businesses worldwide about their innovation priorities in the coming year.
Results show that almost half of UK business leaders (47%) perceive increased risk compared to the past, with financial risk being the top concern for 62% of respondents, followed by strategic risk (50%). Retail and fintech leaders in the UK are particularly concerned about these risks, with 80% of UK retailers and 70% of UK fintech executives expressing apprehension.
Despite heightened economic uncertainty and risk, most UK business leaders are taking action. Fifty-two percent are addressing risk by reallocating existing staff, while 50% are actively embracing new technologies. Generative AI has emerged as a solution for many, with 60% of those already using the technology planning to increase their investment in it over the next 12 months. For 48% of respondents, the primary driver for increased generative AI spending is heightened competitiveness.
The research indicates that around 38% of UK executives consider innovation to be highly significant in risk management, providing a rationale for the increased adoption and spending on AI, particularly in times of financial pressure.
In fact, a significant percentage of UK leaders (74%) view AI as a means to mitigate risk, with 69% holding a similar perspective about generative AI. Silvia Mensdorff-Pouilly, SVP of banking and payments in Europe at FIS, highlighted the findings and emphasized the potential of AI in boosting productivity. She noted that while there has been considerable hype around generative AI, the report underscores its practical benefits, with broad consensus among executives about its potential to enhance competitiveness and drive economic growth in the UK.
This positive outlook has influenced various levels of the UK, including government initiatives. In March 2023, Chancellor Jeremy Hunt introduced a new AI sandbox program, aiming to accelerate AI research, with substantial financial incentives available to participants over the next decade.
By FCCT Editorial Team
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