Executives Worldwide Embrace Generative AI as a Key Innovation Strategy to Navigate Uncertainty

Amidst global economic concerns, a recent study conducted by FIS® highlights a resolute commitment to innovation among corporate leaders. The study surveyed over 2,000 business leaders across diverse sectors, including financial services, fintech, insurance, retail, energy and utilities, and healthcare, and discovered that 40% are already utilizing Generative AI. More strikingly, this figure is expected to skyrocket to 89% within the next three years.

These early adopters perceive Generative AI as a realm of opportunity rather than risk, with a significant portion planning to increase their investments in new technologies. Notably, the study identifies customer experience technology as the leading area for increased spending, closely followed by AI and Generative AI. Technology is not only seen as a risk mitigation tool but also as a means to bolster competitiveness and drive innovation.

Key Findings and Insights:

Nearly half of businesses facing financial risk are embracing new technology solutions.
An overwhelming 98% of firms recognize the role of innovation in mitigating macroeconomic risks.
Nearly half of financial institutions view innovation as having a highly significant role in risk mitigation.
Over half of the surveyed firms plan to build or adopt technology and system innovations to mitigate risks within the next 12 months, making it the most common innovation strategy.
Budget constraints remain a challenge for 53% of firms seeking to invest in innovation.
Fintech and Technology sectors view AI as an opportunity rather than a risk (61% and 59% respectively), while the insurance sector is notably optimistic about Generative AI (58%).

The FIS Global Innovation Report underscores how corporate executives worldwide are turning to innovation and cutting-edge technologies to safeguard their businesses and gain a competitive edge in today’s uncertain landscape. The study, conducted by Savanta on FIS’ behalf in June 2023, provides valuable insights into how businesses are strategically leveraging Generative AI and other innovations.