What is artificial intelligence (AI)?
Artificial intelligence consists of the use of state-of-the-art technologies through which information technologies (IT) and machines can learn, understand and act – and at some point perceive and feel.
Financial Services companies under competitive pressure expect AI transformations in a groundbreaking way – and above all high profitability as a result. If the use of AI is carefully planned and implemented, this will be possible..
At the same time, these technologies will change the way people work and the workplace itself. Machines will be able to perform more of a person’s tasks, complement a person’s work and even perform some tasks that go beyond what a person can do. As a result, some occupations will decrease, others will grow, and many more will change.
What holds financial services companies from implementing AI?
- Data silos and incompatible IT infrastructure
- Tighter regulatory scrutiny
- Slow to react
- Hype-driven scattershot goal-setting
- Lack of understanding and potential
Which success factors need consideration?
- Understanding the risk tolerance of your company
- Understand the individual needs of your business
- Selecting the appropriate AI service providers
- Implementing AI solutions based on a well-thought-out plan, relative to need and risk tolerance