In the banking and finance sector, 56.3% of respondents believe that customer experience/brand differentiation will be the function most affected by synthetic AI in the next five years, compared to the average of all sectors surveyed which indicates just 27.1%.
A study conducted among managers and CEOs of Latin American companies from various sectors, conducted by Noventiq, a global company for digital transformation and cybersecurity solutions and services, revealed that 68.3% of the managers surveyed have already implemented this generative AI in this region.
Generative AI has revolutionized various fields all over the world. However, its importance is more prominent in Latin America due to the potential it provides to overcome the challenges affecting the region compared to the nearest markets such as the United States and Canada.
Factors such as language, time zone, and financial monopolies hampered the Latin American economy. In this sense, generative AI, unlike classification or “traditional” AI, has the ability to independently create innovative and original content, by collecting, evaluating and analyzing large amounts of data, allowing it to learn from its mistakes and constantly create new content.
These advantages have led to a growing adoption by managers and collaborators of Latin American companies, in order to be more competitive on the global stage, as revealed by a survey conducted by Noventiq.
It also reveals that the impact of generative AI on people’s professional and personal lives has been significant. 55.8% of those surveyed have already experienced generative AI in the delivery of public services, and at the work level, 56.3% of those surveyed in the banking and financial sector considered customer experience to be the function with the greatest impact on generative AI.
“The most compelling advantage that generative AI promises to Latin American companies is productivity in all aspects of the business process, from product development to sales. Generative AI is finding applications in different areas within companies and organizations. From marketing and advertising content creation to automated reporting And data analysis, this technology has proven to be a valuable asset in increasing efficiency and productivity in business operations,” said Sebastien Sack, Vice President of Noventiq Latin America.
According to the same research by Noventiq, in the banking and finance sector, 56.3% of respondents believe that customer experience/brand differentiation will be the function most affected by combinational AI in the next five years, compared to the average of all sectors surveyed with just 27.1% indicating .
For now, the potential for generative AI extends far beyond the realm of business. In public services and cultural institutions, this technology has played a major role in personalizing services and experiences for citizens. The same analysis by Noventiq concluded that 55.8% of those surveyed had already experienced generative AI in the delivery of public services (events, tourism, etc.), while 35.6% experienced the technology first-hand when receiving healthcare and another 25% related to infrastructure. For public transport and transportation.
Our results today confirm that 83.6% of Latin Americans agree that generative AI “will end up playing a role in the future” and 41.1% confirm that their organizations are using or planning to use the technology to engage society as a whole through culture and communities. Generative AI content creation in itself can present certain limitations, however, it cannot be denied that its application has generated significant benefits in Latin America.They concluded from Noventiq that recognizing its potential and accelerating its rollout in different segments will allow it to further improve its operations and expand its capabilities innovation.