Credit Today ListServ: SnapShot Survey on AI Adoption

Since the launch of ChatGPT, it seems all we hear about is the impact Artificial Intelligence (AI) will have on work. This survey delves into how credit executives are using desktop-based AI tools, and in particular generative AI based upon large language models (LLM), such as ChatGPT, to improve quality and productivity. It should come as no surprise that this survey reveals we are still in the early stages of the learning curve when it comes to implementing AI on the desktops of credit executives. We trust these findings will provide you with insight into the extent to which AI is affecting everyday tasks and the extent to which it may affect those tasks in the future.

Observations:

• To a large extent, credit executives are open to using a wide range of AI applications
• The only applications that a majority said they would not use were (1) for recording meetings or calls to create a transcript and (2) for summarizing transcripts or other documents
• In contrast, 31 percent already use AI to compose and edit emails and other documents, while 38 percent more said they were likely to use AI to do these things in the future.
• Similarly, 77 percent are either already using or, in the future, likely to use AI to create presentations or reports

Observations:

• Only 36% are now using AI in some form
• Surprisingly, there were no mentions of ChatGPT
• HighRadius Credit Management was being used for setting lines of credit
• The AI solution used for Auto Dunning was not revealed

Observations:

• There is considerable concern about the use of AI in a credit environment related to false outputs and privacy – 81 percent expressed some level of concern
• It should be noted that not every application of AI will create these risks, but then again, there are some areas where this could pose a serious concern.

Question:  Please tell us how you are using AI tools personally, as well as within your credit organization, and the impact AI is having.

“Utilizing what I'd call machine learning, which I consider a subset of AI. We utilize it for generating and sending past due letters (dunning) and escalating at certain thresholds.” – Joseph R Fischer, Director Credit and ITC, Covestro LLC

“From an organizational perspective, there is not a strategic plan at the moment to enable/increase the usage of AI.  That said, we are looking to increase efficiencies across our operations – e.g., increased cash automation and automated customer notifications of past due invoices. We currently have a payment trend indicator via a 3rd party provider and we would like to increase our credit evaluation process.” – Brad Crossman, Director of Credit, Brunswick / Mercury Marine

“Had asked Bing AI about a phone number associated with a business or location and got a message back regarding privacy violations. So, I welcome any suggestions.  Especially about ChatGPT, which always has me create a new account. Not too much success.” – Pam Byk, Credit Collection Manager, XL Screw Corp.

Demographics

Participants = 15