Artificial intelligence is becoming a key business driver for all the financial service providers and their organizations. From being a new gained curiosity to becoming an essential part of the life of finances, AI has come a long way. In the past few years, financial institutions (FIs) began to think about AI being beyond the abstract and discovered many practical yet profitable use cases for the emerging tech. With the growing number in financial institutions there is a greater understanding for the importance of using AI in enhancing not just the customers’ but also the employers’ experience. FIs are becoming more used to the idea of adopting these technologies as the AI becomes clearer and valuable as use cases emerge and it is helping across a wide range of key business functions. And in the year 2021 there is a high scope for the financial institutions to evolve beyond agility and embrace intelligence by incorporating these cognitive techs into their operations. The time after the FI completely make use of the AIs in capturing deeper customer insights, make informed and data driven decisions, manage risk and increase efficiencies, they will transform themselves into Intelligent Enterprises and bring more value to their customers and teams.
Agile enterprise acts as an essential foundation when discussing any form of the intelligent enterprise as it should be enabled first. Without having a strong foundation to support the countless back office processes it will be very difficult for an institution to make the effective and efficient leap into the Artificial intelligence. Back off processes includes customer relationship management (CRM), document management, collateral analysis, covenant tracking, loan origination, portfolio analysis, regulatory compliance, customer service, the digital channel and on and on. Through achieving agility an institution can begin its journey toward becoming an intelligent Enterprise.
Techs related to AI, including machine learning, natural language processing and cognitive computing, all these serve as the foundation of the Intelligent Enterprise. There is a huge wave of current and potential use cases with the FIs for AI and other related techs which range from robo-advice and next-product recommendations to anti-money laundering (AML) compliance and credit card fraud protection. Cognitive technology can be utilized to bring a true return on investment to the institution. Having a successful deployment of the Intelligent Enterprise helps tackle many issues from varying degrees, as it depends on the specific usages like increasing revenue, growing profitability, improving efficiency, reducing costs and mitigating risk. And implementing cognitive techs into core banking can deliver optimized results over time with a positive ROI. While maintain the human touch with customers, the aim is to focus on seamlessly incorporate cognitive tech into the existing processes. That is to build AI solutions and engage the employees to put the customers first. This can be achieved by deploying a single platform, a system of engagement that integrates and analyses data from the customer channels across the organization. The Intelligent Enterprise really begin to take flight when every employee has the same holistic platform with access to the same information.
Together AI and Cognitive techs are improving banking platforms for us by enabling the FIs to increase revenue, gain operational efficiencies and meet the customer expectations. With AI around the FIs need not have to do manual work again and at the same time can offer its employees an opportunity to do more with the technology and save time and 2021 is all about adopting new AI tools and reformations.