Technology leaders in the banking sector see the most potential for AI in security, risk management, and customer engagement.
The COVID-19 crisis has proved to be valuable learning for CXOs as enterprises are changing their business models and taking steps to become more agile. Having said this, the role of a CIO has been more challenging with digital strategies and automation becoming top concerns of enterprises.
Among the various customer-centric businesses, the Banking, Financial Services, and Insurance (BFSI) sector are leaving no stone unturned in offering seamless services to customers so that they can carry out their banking needs and other services at the touch of a button from the confines of their homes.
In this direction, CIOs, no doubt, are faced with challenges to acquire the right technology so that they can deploy across offerings and strengthen their foundational IT and data capabilities.
Today, every enterprise is racing towards becoming AI-driven and is dabbling in technologies like facial recognition, natural language processing, machine learning (ML), and Artificial Intelligence (AI). But the whole success with AI is driven through a series of interconnected workflow that builds on the same platform. In this direction, the BFSI sector is taking giant leaps to stay competitive in the times of pandemic, where work from home has become the new normal.
Having recognised the potential of AI, IT heads of banks and financial institutions are leveraging the benefits of AI technology, thus redefining their processes, products, and services to offer timely, and seamless service to their customers while AI also promises to play a major role in security and compliance as well.
With the majority of employees working from home, financial institutions have already taken the big leap by adopting AI to extend their services through virtual assistants and chatbots to handle customer queries in the absence of a human interface.
With the banking and fintech sectors fast expanding in Tier II and Tier III cities, technology adoption is on top of the mind of a CIO to ensure fast and efficient services to their customers. Thus, to innovate on the user experience, chatbots and voice play an important role; this is where the role of AI becomes pertinent.
Technology leaders in the banking sector see the most potential for AI in security, risk management, and customer engagement. However, the task isn’t that easy.
For example, you cannot do data science without understanding machine learning, and vice versa. As these are interconnected and rest on the same common platform, the onus lies on the CIOs to build a strong foundation to steer the operations ahead, ensuring business continuity.
“In 2020, Artificial Intelligence will move from the hype state to practical usage and value, as corporations begin to harness its power. Data for AI will be a major theme throughout 2020, from new techniques that train AI on less data to data privacy protections gaining traction,” stated a report on Artificial Intelligence Trends to Watch in 2020.
From deploying bots to automating processes and driving efficiencies, and product innovations, CIOs are looking to scale AI across the company.