“According to BCG, companies that connect AI and digital initiatives are 12 percentage points more likely to see revenue impact, and 20 percentage points more likely to have seen either cost or revenue impact.
Companies like Google, Amazon, and Apple, dominate their industries because they were the first to begin building data sets which helped them attain a steep competitive edge. For FIs, the equation is similar. The sooner a FI builds a strong data foundation, the sooner they can execute advanced AI and ML models.
Simultaneously, greater application modernization and agility is needed to unlock the value from AI. Banks need to update current monolithic and inflexible application infrastructures to scalable, cloud-native app environments by using modern technology stacks, ensuring the target state is scalable and flexible enough to support evolving business needs.”