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Emerging technologiesAugust 25 2023

High interest rates hinder AI adoption

Banks on both sides of the Atlantic are struggling to invest in tech, but US lenders are at risk of falling behind. Davide Montagner reports.
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High interest rates hinder AI adoption

In a recent study, FIS, a US-based financial service provider and Fortune 500 company, analysed the performance of 4800 consumers and business executives on both sides of the Atlantic to assess the effects of market instability on a company’s ability to invest and innovate.

The report found that US firms are more susceptible to market volatility than their UK-based peers. Almost all of the US institutions surveyed (91%) reported a direct correlation between their reduced ability to innovate in their business and invest in new technology, and inflated interest rates. In the UK, 78% of the firms that participated in the survey expressed similar concerns.

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