AI-The Accepted Path to Drive Innovation and Growth in Banks
The banking space is undergoing a lot of significant changes lately, thanks to the growing IT advancements and innovative approaches in business strategies. With that being said, innovation is the major factor that is introducing future-driven objectives into the banking space per se, which involves the value chain, regardless of whether they are retail banks or globally recognized financial institutions. In this context, the only technology that has been capable of driving innovation in the financial space is artificial intelligence (AI). Almost all reports regarding the technology enhancements in the banking and finance space have been brought in by the advantages of AI. This might be because the benefits of AI have already been prevalent in all the other business verticals.
According to Oliver Wyman, the renowned management consultancy firm, automation is the factor that is mostly driving changing the financial services sector (FS). In a recent study, it has been predicted that automation will help in cost-cutting and lead to increase in revenue in FS landscape by almost 15 percent.
However, the most critical question that has been in the discussions is whether AI can cast a positive influence on the profitability, revenue generation as well as the growth of the enterprise. Interestingly, most entrepreneurs and AI service providers have agreed on this fact that AI will bring a positive impact on the revenue and profits. In fact, companies have already started implementing AI in their infrastructure and are experiencing almost 17 percent increase in the average revenue generation. It can be foretold that AI will render more advantages to the banking and FS arena in the later years to come.
By Tom Farrah, CIO & SVP, Dr Pepper Snapple Group
By George Evans, CIO, Singing River Health System
By John Kamin, EVP and CIO, Old National Bancorp
By Phil Jordan, CIO, Telefonica
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
By Dennis Hodges, CIO, Inteva Products
By Bill Krivoshik, SVP & CIO, Time Warner Inc.
By Gregory Morrison, SVP & CIO, Cox Enterprises
By Alberto Ruocco, CIO, American Electric Power
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
By Sven Gerjets, SVP-IT, DIRECTV
By Marie Blake, EVP & CCO, BankUnited
By Lowell Gilvin, Chief Process Officer, Jabil
By Walter Carvalho, VP & Corporate CIO, Carnival Corporation
By Mary Alice Annecharico, SVP & CIO, Henry Ford Health System
By Bernd Schlotter, President of Services, Unify
By Bob Fecteau, CIO, SAIC
By Jason Alan Snyder, CTO, Momentum Worldwide
By Jim Whitehurst, CEO, Red Hat
By Marc Jones, Distinguished Engineer, IBM Cloud Infrastructure