The status of financial services: are we at the forefront of innovation?
Many financial services organizations have already invested in AI for business domains, such as risk management and revenue generation, through new products and processes, and continue to expand their portfolios of AI-based solutions to address evolving complex challenges.
The industry turns to the data at hand to refresh its competitive advantage in the marketplace with a focus on customer engagement, revenue generation, and cost reduction, as a start, where innovation and agility remain imperative to any business that is looking long-term.
The megatrends of mobility, digital engagement, cloud, and AI are playing a fundamental role in driving financial services organizations to re-evaluate, elevate, transform, comply, and most importantly secure their business.
However, we still see many organizations having trouble unlocking value from the data they collect and how to enable their business for success. Daryl Senick, BDO Canada’s Technology Partner and National Insurance Leader, says, “Few industries can derive more benefit from data and advanced analytics than financial services organizations. Nearly every transaction within the financial services industry is executed electronically and the amount of data generated is astounding. Properly harnessing this information presents a great opportunity for businesses.”
On another note, security and regulatory concerns related to the proper use of AI, as well as the ability to keep up with an evolving environment, are also in play and require dedicated efforts and focus in order to stay atop market vicissitudes.