- “In 2021, McKinsey released a report that found that AI is quickly becoming embedded in financial institutions. The report, which surveyed over 200 senior executives across the globe, found that AI is most commonly used for robotic process automation (36%), virtual assistants or conversational interfaces (32%), and machine learning techniques (25%) to detect fraud and support underwriting and risk management.
- According to a recent IDC report, banks worldwide are expected to spend an additional USD31 billion on AI embedded in existing systems by 2025.
- The embedded AI sector is expected to reach USD38.87 billion globally at a compound annual growth rate (CAGR) of 5.4% within 2021-2026.”
- “One of the biggest reasons for AI project failure is that companies don’t justify the use of AI from an return on investment (ROI) perspective. Simply put, they’re not worth the time and expense given the cost, complexity, and difficulty of implementing the AI systems.
- Management guru Peter Drucker once famously said, ‘you can’t manage what you don’t measure.’
- Another big reason why companies aren’t seeing the ROI they are expecting is that projects are trying to bite off way too much all at once…best practice AI methodologies such as CPMAI clearly advise project owners to ‘Think Big. Start Small. Iterate Often.’
- Organizations are now seeing benefit in employing approaches such as the Cognitive Project Management for AI (CPMAI) methodology, built upon decades-old data centric project approaches such as CRISP-DM and incorporating established best-practice agile approaches to provide for short, iterative sprints for projects.”
“Today, it’s not a question of how AI is impacting financial services. Now, it’s about how to implement it. That all starts with you. You must ask the right questions: What are your goals for implementing AI? Do you want to improve your internal processes? Simply provide a better customer service experience? If so, how should you implement AI for your banking services? Start with these strategies:
- Set short-term goals.
- Understand your readiness for implementation.
- Equip yourself with the right tools.”
- “Research from McKinsey cites that 25% out of 2,400 business leaders surveyed stated that they increased artificial intelligence (AI) adoption due to the pandemic.
- In fact, more than half of the respondents in a recent study by Forrester identified more satisfied customers as a top benefit for personalized customer service interactions, such as chatbots.
- A Gartner report found that companies that use chatbots in their sales strategy can achieve up to 30% higher conversion rates.
- In the previously mentioned Forrester study, out of 100 customer service decision-makers surveyed, 62% shared that more productive agents were a top benefit of implementing systems similar to AI chatbots.”
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