Artificial intelligence is becoming increasingly central to the automotive finance sector, which is now at a crossroads:
AI initiatives are currently supporting leasing processes but it is not yet driving & enhancing business decision-making
- AI is currently used mainly for back-office automation & operational support;
- Final underwriting & strategic decisions remain mainly human-driven. AI is at the early stage of development!
Bottleneck in AI adoption is governance:
- Most companies operate with less-than-mature AI & Data governance => There is under 25% of successful scaled AI initiatives;
- AI Steering Committee is the cornerstone to define vision, build the roadmap, coordinate & guide AI transition.
Build, Prove, Monetise
- Trust, integration and measurable business impacts are drivers for autofinance operators to select & scale up AI solutions;
- Solution providers must deliver secure, mature and compliant products able to be seamlessly integrated with existing systems.
AI transformation is cultural rather than technical
- Robust AI Change management & support is needed;
- Create an “AI Academy” for a knowledge archive avoiding potential brain drain;
- Build an AI ambassadors network for day to day business usages marketing & support.
Download the full study to find out more in the study conducted jointly by Eurogroup Consulting and ESCP Business School.
