Banking can no longer ignore the power of AI
The digital transformation journey for many banks and credit unions has included core system modernization, mobile technology integration and the digitalization of many back office processes. To optimize these enhancements, financial institutions must implement intelligent solutions, including robotic process automation, advanced analytics and AI deployment across the organization.
One of the most important components of digital transformation is the ability for machines and analytics to work together to deliver more intelligent solutions than humans alone can deliver. The foundation of this transformation leveraging internal and external data sources, placing the customer – instead of products and solutions – at the center of customer experiences. The success of these efforts will define the winners and losers in the future.
In an effort to determine how frontrunners are deploying AI, the Deloitte Center for Financial Services surveyed more than 200 financial services executives who were already using AI technology. Their research identified three key characteristics of those organization who have seen the best results from the perspective of financial returns from AI and the number of AI deployments.
- Integrate AI into Strategic Plans: To enable an enterprise-wide deployment of AI capabilities, leading organizations embed advanced analytics as part of the overall strategic plan. Deloitte found that the greater the importance within the strategic plan, the higher the investment in big data and AI solutions.
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