Small impact? AI Affects Others More
Artificial intelligence is changing Austria's financial and insurance sectors 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 AI to bring significant or even fundamental changes to their industry, while only half of those surveyed believe this will be the case for their own company. They are more likely to see significant changes in other companies than in their own.
Industry experts see the greatest potential for AI applications in data analysis and prediction (58 percent), fraud detection and security improvements (46 percent), and automated customer interactions (42 percent).
For the survey, market research firm TQS Research and Consulting recently interviewed 101 Austrian executives from the financial and insurance sectors. In their personal work, the respondents estimate that the change will have a rather moderate impact. Slightly more than half said they expect AI to fundamentally or at least somewhat change their personal work. By contrast, about 40 percent believe that AI will have only a limited impact. There seem to be two opposing views among the respondents. In any case, none of the respondents believe that there will be no impact at all on their personal work.
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