Building an AI-powered financial institution
Advanced analytic capabilities and technologies are advancing much faster than the deployment of AI solutions in the banking industry. The ability to use AI to improve the customer experience on a personalized basis is also becoming more affordable to organizations of all sizes. Now is time for banks and credit unions to embrace AI across the organization.
For most organizations, the discussion of the benefits and potential of AI is much more widespread than the actual deployment of these technologies across the organization. In fact, most of the use of advanced analytics and AI continues to be centered in areas of traditional use such as risk, compliance and security. In other areas of the organization, most firms are still only running pilots or tests in the most rudimentary ways.
The inability to understand and deploy AI is further evidence of the challenges experienced at most financial institutions around digital transformation. With leadership and culture not buying in to the power of AI, it is difficult to build business cases or integrated solutions that can take advantage of AIs opportunities.
The opportunities being missed by not fully embracing the power of AI include massive back-office cost savings, vastly improved customer experiences, enhanced risk and fraud detection, as well as other implementations done independently or with strategic partners. In other words, AI and machine learning can have a significant positive impact across the entire banking organization at a time when the risk of not using AI is greater than ever.
continue reading »
