Artificial intelligence (AI) and having a solid digital foundation is crucial today in the world’s financial services industry. Having these two factors will keep companies ahead of their competition and continuously improve in their long-term strategies to overcome obstacles and provide a holistic transformation of the organization.
The improved use of data and analytics will increase consumer engagement, innovation, and operations to become more advanced. According to the Digital Banking Report from The Financial Brand, 80% of the organization’s top three strategic priorities include improving their digital experience for consumers, and 49% want to enhance data analytics capabilities.
To fully utilize the advantages of AI and have a digital foundation, organizations need to understand how humans and machines work together and externally with consumers and partners. To better understand how companies are using AI and its impact on strategies, Deloitte interviewed 206 US financial services executives. The key takeaways from the report include:
AI in strategic plans: Integrating AI in strategic objectives allows various business sectors to follow this approach. Leaders will be more invested in AI when embedded in all strategic projects.
AI is applied to revenue and customer engagement opportunities: Applying metrics to track how AI is used for various revenue and client enhancements is essential.
Having multiple approaches for developing AI: With multiple approaches, AI can expand technology solutions and share a wider talent pool.
Implementing AI strategic initiatives is the first step. Elevating these initiatives for a long-term strategy will lay the foundation for what value companies are trying to deliver for clients using AI. The value of delivery can involve customizing client preferences, channels such as chatbots or virtual assistants, and updated gamification to platforms. Companies will find the right mix of strategic integration and execution to achieve their AI goals with a long-term focused view, such as improving revenue, enhancing the customer experience, and cutting costs.