Small Businesses Embrace AI and Automation, Yet Grapple with Tech Evolution Concerns, Visa Study Reveals

Visa Research Highlights Small and Medium Businesses’ Enthusiasm for AI Adoption and Their Apprehensions About Tech Advancements

Small and medium businesses (SMBs) are eager to harness the power of artificial intelligence (AI) and automation to enhance their competitiveness and operational efficiency, but they harbor reservations about their capacity to adapt to rapidly evolving technology, according to a recent study conducted by Visa, the global credit card leader.

Visa’s unveiling of the seventh edition of its Global Back to Business Study, released on Tuesday, showcased a particular focus on the perspectives and sentiments of SMBs. The research divulged that an impressive 91% of SMBs indicated a willingness to explore AI services such as ChatGPT and embrace automation within the next 12 months, with the goal of elevating their businesses in the face of fierce competition.

While the majority of SMBs exhibited a strong inclination toward integrating AI tools into their operations, a significant portion also voiced concerns about their ability to adapt and evolve in tandem with the rapidly changing technological landscape and shifting consumer preferences.

Navigating Tech Trends and Consumer Tastes: SMBs’ Confidence Levels Vary

The study revealed that two-thirds of the SMBs surveyed, amounting to 67%, expressed a lack of confidence in their organizations’ capacity to stay abreast of technology trends and the evolving tastes of consumers. In contrast, only 33% of respondents reported feeling completely confident in their ability to do so.

The evolving technology ecosystem, coupled with emerging tech like AI, introduces certain risks for SMBs. Smaller businesses often grapple with limited resources, which can hamper their ability to harness AI tools to bolster their security. This vulnerability becomes especially pertinent as malicious actors increasingly employ AI for activities such as deepfakes, voice cloning, and other forms of defrauding businesses.

Securing the Future: SMBs’ Concerns About Fraud and Cyberattacks

Visa’s Chief Risk Officer, Paul Fabara, emphasized that as SMBs become more technologically savvy, so do fraudsters. Generative AI, in particular, has facilitated the emergence of new and sophisticated forms of fraud, necessitating enhanced payment security measures, particularly as phishing attempts and online scams grow more advanced.

The study’s findings underscored that a significant proportion of SMBs, or two-thirds, harbor doubts about their ability to recover from a fraud incident or a cyberattack. In response to these concerns, Fabara highlighted that Visa is actively investing in AI as part of its commitment to assisting both businesses and consumers in combatting fraud.

In summary, Visa’s research reveals that SMBs are enthusiastic about harnessing AI and automation to remain competitive. However, they also face the challenge of adapting to rapidly evolving technology while safeguarding themselves against emerging risks in the digital landscape. As SMBs tread this path towards technological integration, solutions aimed at bolstering their confidence and security will play a pivotal role in their successful adoption of AI tools.