Together with Provenir, we surveyed over 300 global decision-makers from a variety of financial services providers and fintechs to discover their key challenges and priorities in 2024 and beyond.
We wanted to understand their risk decisioning challenges, customer management priorities, and confidence in the accuracy and flexibility of their risk models. We summarized the findings in this recent white paper.
The survey was sent to senior decision-makers across the world with 65% of respondents at the Director level or above. The survey was conducted in September 2023 and included over 300 executives.
Here are some of the key findings of this survey:
1. When asked about the frequency with which their risk models are accurate and flexible, the majority of respondents (54%) indicated that their risk models are mostly accurate and flexible 76-95% of the time. A significant portion (31%) reported somewhat accurate and flexible risk models, functioning as intended 50-75% of the time.
2. A notable concern highlighted by the survey is that 70% of the respondents lack confidence in their ability to modify risk decisioning logic quickly. This suggests that there may be challenges in adapting to changing conditions or incorporating new data.
3. Within this group, 38% of respondents are somewhat confident, feeling they can adjust their risk decisioning logic 50-75% of the time. However, only a small fraction (13%) of the respondents are completely confident in their ability to make these modifications.
For more information, you can download the complete white paper here.