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The next big wave: How financial institutions can stay ahead of the AI revolution

Finextra (in association with Intel) published an insightful paper about the challenges and opportunities banks face as they pursuit their AI initiatives.

Plenty of food for thought, including:

  • “Which application areas does AI have the most potential now – and in the future”
  • “What are the technology and cultural considerations banks must address to move forward with AI?”
  • “What are the risks banks face in the AI space – and what risks do they face if they don’t engage”

Some prevailing observations throughout the article are:

  • 1.AI Needs Data:
  • “For most bank-specific purposes, you will need large quantities of data and a great amount of effort to train the models that lead to intelligence.”
  • “We mustn’t lose sight of [the] data supply chain”… “There is a lot of work to be done, because a lot of that data is very fragmented”
  • 2.It is great for client interaction to learn about what clients like:
  • “The more we can anticipate needs, the more we can offer to customers” ..”Optimising processes on behalf of clients, working to create hyper-personalised interactions, applying AI to augment decision-making and developing new products and services to offer to clients”.
  • 3.Man and Machine
  • “It about renovating the way financial institutions think and work, inside out. AI is at the very core of the fourth industrial revolution, and this is just a matter of understanding that and behaving consequently.”

Follow this link to view the full article:

https://www.finextra.com/surveys/survey.aspx?surveyguid=71aafe10-0023-41b4-9b57-df25f98b9fb3