Artificial Intelligence In Banking & Finance ( Releasing on 16th Jan 2019 )

  • Traditional banks excelled by giving customers personalized services. However, today customers do not visit banks unless it becomes a matter of urgent concern. Nor do customers prefer contacting the call centre and being on kept on hold forever. So how does bank develop relation with its digital customer? The answer lies in constantly evolving and offering customer’s highly personalized, tailored and customized products and services that have been adapted to the current situation.
  • Today customers demand evolved digital channels. Gone are the days that look and feel of branch mattered for choosing a bank. Now the look and feel of the mobile and digital channels is the deciding factor to choose a bank. Banks have to remain competitive and keep up with rising customer expectations. Digital channels need to be constantly fined tuned with new technologies to attract and retain customers. Banks are no longer the traditional bearers of financial services. They are now becoming financial service providers. The obvious reason is that fintechs and other non traditional players in the market have unbundled banking products and services. Not to mention the aggressive use of latest technologies while providing financial services have made non-traditional players popular in the market.
  • AI is the next milestone for digital channels. This goes without saying whether the incumbent is a bank or fintech, AI is the next step. Artificial intelligence always conjures up images of robots working around or is comprehended as something excessively complicated.
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  • But if we look at the tech companies built on AI models, it’s astounding to see the role played by AI in generating revenue and retaining customers.
  • AI has become a mainstream technology rather than being part of experiments. Industries worldwide have started utilizing AI. Some regions or banks are already in forefront in AI implementation. While some banks or sectors have still not capitalized, not even the digital wave.
  • This book lays out the growth of digital landscape and role of in banking and finance industry. Financial sector is now dealing with millennial generation who are used to Netflix recommendations, facebook feeds, Amazon recommendations, virtual assistants like Alexa. So how does bank sustain in this model and retain the technically smart and upwardly mobile millennial as their customers. The book discusses the expectations of digital millennial in terms of financial services.
  • This book lays out a roadmap for the executives for the AI journey. Executives across the world are increasingly looking to AI (Artificial Intelligence) to create new sources of business value and revenue streams or cost saving opportunities. This is especially true for leading adopters of AI, those that have invested in AI initiatives and have realized impressive results.
  • AI is a continually evolving technology .The book talks about the business applicability of AI. There are various branches of AI keeping in mind Enterprise AI. The approach road to AI is not from an experimentation point of view, “Which AI model to use” rather the book looks at “how can banks use AI” It guides how financial sector can benefit from AI.
  • AI sounds mystifying and what the book does is demystify it. The book takes in depth look at participants of the financial ecosystem who have adopted AI in their daily operations thereby looking at AI through different vision and outlook.
  • Apart from the AI potential AI needs to be made more accountable and with clear defined role of regulators where they need to chip in to make implementation successful. There is discussion on the pathway to initiate the AI journey. Some banks are looking at AI to improve processes and cut costs while others to give their customers a unique experience. All this requires a strategic roadmap, rather than an offhand business decision. AI cannot be implemented like the usual technology suites. It requires a completely different approach right from executive level. The book covers the top down approach required for successful implementation of AI.
  • My previous book Digital the new normal for banks was written keeping the digital revolution in mind. This book is an update on the latest technologies that have seen incredible growth in past few years. The focus is on insights on AI development driven by data. Machine learning and robotic process automation is often confused with each other. We will look at the clear distinction between machine learning and RPA. The book covers RPA implementation roadmap including questions like should RPA be a stepping stone for intelligent automation.
  • The discussion will cover data framework, infrastructure needed for AI. We will look at technology from the “best fit” point of view. The aim is to look at the business requirement and decide the machine learning model rather than just adopting AI, review the role of data warehouse in a data driven organization. How banks can leverage and channel data for AI…………..

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