The bond between financial services and data analytics has strengthened over recent years. In fact, over 90% of the top 50 banks worldwide use advanced analytics to drive their organisations.[1] In today’s rapidly evolving and increasingly competitive financial landscape, data analysis can transform operations and improve customer experiences to help businesses gain an edge.
As your peers become more data-driven, you should reduce time-consuming manual analysis wherever possible. It’s resource-intensive and prevents real-time insights that can improve decision-making and strategy. Across financial services, many companies are already automating analysis with generative AI to overcome the shortfalls of manual processes.
How to cross the AI frontier
Our guidance will help you successfully adopt generative AI and negotiate the implementation of this transformative technology. It will highlight how you can transition from manual processes to AI-driven analysis using a proven formula that many of your peers are leveraging to maximise returns from their strategy.
To successfully navigate the generative AI frontier, you should create a roadmap that emphasises incremental projects and priorities systematic improvements over sweeping transformations. As you develop that roadmap, set realistic expectations for stakeholders and establish measurable goals demonstrating ROI.
Be transparent from the start
Communicate about generative AI in a way that makes your strategy clear to all your stakeholders. You want to highlight how the technology can be mutually beneficial: helping deliver more tailored customer services and alleviating lower-value tasks so personnel can focus on more strategic and satisfying work. Openly communicating your AI principles will be crucial to overcoming trust issues among customers worried about using technology like AI chatbots for financial information and advice.[2]
The most successful adopters in financial services have targeted generative AI use cases in a few high-impact areas. You should do the same and consider how the technology can support report generation, financial forecasting, market research analysis, fraud detection and customer engagements. We’ve seen early successes from AI, particularly in repetitive workflows around Know Your Customer (KYC) processes and first-line support for routine financial transactions.
Make mastery a key mission
Focus on building best practices from the start. You want to establish a blueprint for AI mastery to ensure you can quickly integrate AI into your workflows while remaining compliant with industry regulations and your company’s policies on AI ethics. You do that by investing in your talent and building teams with the technical and industry knowledge to drive progress. Also, implement continuous monitoring so you can regularly check your AI models for errors, bias and overall performance.
Catalysing AI development through partners
One message from financial services AI leaders is that successful initiatives depend on partnerships.
In today’s rapidly evolving technology landscape, you may find it challenging to keep up with AI developments and trends. Making sure you possess the necessary skill sets to align your technical capabilities with your ambitions can also be a significant hurdle. Moreover, with threat environments changing quickly, AI could become a security threat as much as an opportunity.
With the support of partners, however, you can stay up –to date with the latest developments, sufficiently resourced and cyber-secure to maintain your focus on delivering generative AI projects that will impact your business the most. Ultimately, the complementary expertise of AI technology providers, which can offer cutting-edge solutions with industry-specific knowledge, will help you execute your AI roadmap faster and with more outstanding results.
The Dell AI Factory
The Dell AI Factory with NVIDIA assists financial services companies in maximising value from generative AI. As the industry’s first and only end-to-end enterprise AI solution,* the Dell AI Factory with NVIDIA enables you to move away from manual analysis processes. By delivering integrated capabilities from Dell Technologies and NVIDIA, this solution combines your data and workflows, empowering you to achieve repeatable, scalable outcomes that align with your business goals.
Discover more about our AI story and learn how the Dell AI Factory with NVIDIA can advance your AI strategy.
* Based on Dell analysis, July 2024. Dell Technologies offers solutions with NVIDIA hardware and software engineered to support AI workloads from PCs with AI-powered features and workstations to servers for high performance computing, data storage, cloud native software-defined infrastructure, networking switches, data protection, HCI and services.
[1] https://www.kasmodigital.com/using-data-analytics-in-financial-services-create-new-growth-opportunities-heres-how/
[2] https://www.customerexperiencedive.com/news/ai-banking-customer-concerns-transparency/728586/
