How to become an AI-First financial institution

“The most successful AI strategies are driven by four pillars: improving data assets, scaling infrastructure to allow widespread experimentation, enlisting employees so that they scout for new AI use cases, and looking for ways AI can solve customers’ problems beyond providing banking services.

1. Improve Data Assets

American Express is harnessing the power of its data, derived from over 100 million credit cards that account for over $1 trillion in charges every year

2. Deploy AI at Scale

JPMorgan Chase, for example, last year budgeted $10.8 billion for technology investments, with more than $5 billion earmarked for new investments. These investments have enabled several AI initiatives at scale,

3. Ingrain AI in the Organizational Culture

Allstate Business Insurance Expert’s web-based chatbot ABIE, for example, helps agents quote and issue Allstate Business Insurance products without engaging a call center, enabling them to sell more insurance.

4. Extend AI Services Beyond Banking

Ping An, a Chinese AI-first, financial-services provider, has implemented a Good Doctor AI service. It allows for remote diagnosis of a health concern, using a chatbot to understand a patient’s situation, provide initial diagnosis, and direct the patient to the most suitable doctor.”

https://sloanreview.mit.edu/article/how-banks-can-lead-the-shift-to-ai-first/


ABOUT THE AUTHOR

Lucas du Croo de Jongh is an Amsterdam-based partner in Oliver Wyman’s Digital, Technology & Analytics Practice.

http://linkedin.com/in/lucas-du-croo-de-jongh-44584a1

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