What can banks learn from AI trailblazers?

What can banks learn from AI trailblazers?

Dubai, UAE – If adopted in the right way, AI has the potential to revolutionise the banking industry - saving time, cutting costs, and improving the customer experience and sales. By integrating AI across their businesses, established banks can fend off increasing competition from new market entrants outside the traditional financial services industry.

In a newly-released report on the take-up of artificial intelligence (AI) in the banking sector, global management consultancy Oliver Wyman found a number of common building blocks that AI trailblazers in the sector have put in place to ensure a successful AI transformation

These include:

- setting a clear ambition to deploy AI everywhere – from customer-facing through to back-office functions, starting with those opportunities that will deliver value fastest;

- modernising data infrastructure and improving data practices, thus transforming the tech behind the data brain;

- adopting the mind-set and methods of a technology company; and

- seeking to build an internal AI centre of excellence by hiring specialist AI talent, enabling banks to deploy AI at scale.

According to Manuel Abat, Partner and IMEA Practice Head, Digital and Implementation at Oliver Wyman, “It is clear from our research that banks need to think beyond digitalisation and digital transformation. Deploying AI properly involves