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: