How should financial services organizations approach AI?

Banks that will benefit the most from artificial intelligence (AI) will be those that are prepared to rethink their approach to their people, processes and data.

AI technologies will have a huge impact on the financial services sector. Banks will redefine the way they work (processes), what they sell (products and services) and how they interact with their customers and employees (user experiences). They will redefine their operating structures for an AI-enabled workforce where humans and AI work together to drive process and operational efficiency. And new AI applications will create growth through improved customer and employee experiences. 

How can banks best make use of these extraordinary new capabilities? By constantly innovating at pace and scale, reinvesting as necessary, to derive the optimal value from the technologies that underpin AI. And by using an intelligent framework that augments their people’s work, redefines how they operate with intelligent automation, and unlocks growth through data.

HUMAN | Transform relationships

Using AI, people will be able to spend more time on exceptional work: the 20% of non-routine tasks that drive 80% of value creation.

PROCESS | Re-imagine business models and processes 

Smart machines will continually review end-to-end processes and apply ‘intelligent automation of process change’ to refine and optimize.

DATA | Illuminate dark data 

Banks will apply AI to greatly enhance large data analytics, evolve algorithms with transactional data faster and combine data in new ways to discover trends.

Focusing on just one of these elements in isolation won’t be enough. Understanding the interplay between all three is essential for gaining the maximum benefit from AI.

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Author: Adrien Kirschfink