- “Despite their heroic work to date, financial services firms will face the same competitive and regulatory challenges in 2019 as in the past years.
- Navigating around the three-headed beast—competitive disruption from other established firms, fintechs and new digital-only banks—represents another big issue.
- Thus the overarching mission for at least the next year involves digital transformation. Enter artificial intelligence (AI), which promises to forever transform banking and propel the industry deeper into the digital age.
- Less analytically mature organizations are just catching up to traditional “big data” challenges
- At the same time, consumers are becoming more savvy and cautious regarding the use of their data.
- Banks will continue to adopt AI and machine learning technologies in 2019. Why? Perhaps the most urgent reason centers on “in-the-moment speed.” Despite having plenty of customer data, banks by and large lack the capacity for instant analysis and interpretation.
- Inexpensive technology to process billions of transactions is commonplace—but extracting value and insights from that data remains difficult.”
One common data management theme has emerged in 2019: that data equals the new energy source that runs modern businesses