Small impact? AI Affects Others More
Artificial intelligence is changing the Austrian financial and insurance sector faster and more profoundly than many expected. A recent AI study by software engineering service provider Tietoevry Austria reveals a surprising "change paradox": More than three quarters of decision-makers (77 percent) expect rather strong or even fundamental changes for their industry as a result of AI, while only half of those surveyed believe this to be the case for their own company. Decisive changes are seen more in other companies and less in their own.
The industry experts see the greatest potential for AI applications in terms of data analysis and predictions (58 percent), fraud detection and security improvements (46 percent) and automated customer interactions (42 percent).
For the survey, market researcher TQS Research and Consulting recently interviewed 101 Austrian managers from the Austrian finance and insurance sector. In their personal work, the respondents estimate that the change will have a rather moderate impact: Just over half said they expected fundamental or at least rather strong changes to their personal work as a result of AI. In contrast, around 40 percent estimate that AI will only have a limited impact. There therefore appear to be two opposing views among the interviewees. At any rate, none of the interviewees think that there will be no impact at all on their personal work.
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