• Ben Musgrave, Principal Consultant, Data & Analytics at Synechron


• 03.11.2017 06:30 am
undisclosed

As the Financial Stability Board’s Artificial Intelligence report outlines, Artificial Intelligence (AI) has the power to transform the financial services industry.

The data science and cognitive learning elements that AI possesses has the potential to help solve complex business processes, but this also requires the necessary human expertise to model the algorithms and analyse the outputs from the models. 

Technology-dependence is always going to be an issue where you don’t have a clear understanding of what the technology is, how it works and what it is meant to do – but that’s a situation that’s prevalent in many financial institutions today, and has nothing to do with AI.

If banks can take a partnership approach with technology vendors to create custom-built solutions, with human experts closely involved throughout, the risks associated with implementing these technologies is significantly reduced.

AI will be harnessed to improve customer service and increase customer volumes. Financial institutions need to think about AI as a chance to transform their technology strategy, to ensure they are future-proofed and able to take advantage of the new wave of fintech opportunities in a safe, compliant way.