The Revenue-Driving Power of Information

By CIOReview | Wednesday, May 30, 2018
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Today’s banking environment experiences several challenges such as increasing regulatory requirements, intensive competition, security risks, information management, data quality and more. In such scenarios, how can the finance and banking industries navigate the landscape while continuing to grow and improve profitability?

With emerging technologies and ever-changing relationships between businesses and consumers, the finance and banking industries are increasingly relying on artificial intelligence to understand and e  ngage with their customers in new ways. 

Majority of the banking and financial services organizations are hesitant to experiment with new technologies as they are concerned about authenticity, fraud, the complexity of business processes, and legal acceptance.

According to the research conducted by Genpact the global banking and finance sector spends nearly $85 billion annually on digital technologies and out of those 67 percent of the spent is estimated to be wasted. Nevertheless, as per the Genpact Research Institute, there are a few key strategies the banking and finance industry can deploy to ensure better ROI in the digital space. 

Leverage analytics the smart way 

In order to better engage with customers, businesses must reconsider the way they access information along with the way their business functions, the way they make the decisions, and how they serve clients in the best way possible.

In the current business scenario, small and medium-sized companies are increasingly more enthusiastic to amplify the customer experience while reaping the benefits of data analytics. With the help of the harnessed information, users can identify growing trends and user behavior, uncover new insights and fine-tune operations to make smarter decisions and meet business goals.

A Step towards AI

Artificial Intelligence has reached a critical point and will further strengthen and extend virtually every technology-enabled service or application. 

Banks have already adopted AI to streamline the manual processes for tracking data, saving time, and maximizing cost benefits.

By leveraging AI beyond internal processes, users can enhance consumer interaction and engagement. AI has given a distinctive competitive edge to banking and finance sector to succeed in their digital transformation journey.

Lowering costs and increasing ROI 

Artificial intelligence can assist in the creation of customized, intelligent products in increasingly efficient ways. Leveraging open architecture and a modular approach, the digital products, and AI-based platform can connect with both legacy systems and new technologies. And thereby accelerate development times, generate higher ROI, and greater flexibility.