Artificial intelligence (AI) has begun to deliver real business value, but financial institutions (FIs) still fall short when it comes to moving projects into production and scaling the technology to address enterprise needs.
We call this the AI action gap. Our 2019 report showed that enthusiasm was outpacing initiatives. Fast-forward a year, and the global pandemic has changed everything. In research concluded in September 2020, we found that FIs were making strides in AI — representing 31% of cross-industry AI leaders.
However, much more progress must be made before AI delivers greater value across the banking space. Closing the gap between enthusiasm and results requires approaching AI as a business play rather than a technology challenge. To ensure organizations develop successful AI strategies that scale, we recommend the following steps:
Identify use cases that are universal yet well bounded
Beef up data management
Move beyond experimentation
Mitigate unintended consequences by creating responsible applications