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Perspectives

AI in Financial Services: It’s Time to Scale Up

2021-04-07


The industry has made admirable strides in embracing artificial intelligence — but so far, enthusiasm and pilots haven’t led to many enterprise-grade contributions. Our checklist can help banks and financial institutions change that.

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

The stakes are high. By embracing these imperatives, FIs can position themselves for better business outcomes and ROI. In this e-book, we offer insights and recommendations for maximizing the organization’s AI potential, and explore banking’s progress along the AI adoption/ROI curve.

To learn more, visit the AI and Banking sections of our website or contact us.

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