Charlotte Data Science Round Table Recap
Digital transformation is a top agenda item for most financial services companies as they move from focusing on regulatory compliance to targeted user experiences, business intelligence, and predictive analytics that help them solve business challenges.
Recently, Synechron’s experts in Data Science and Financial Services Technology discussed methodologies, industry challenges, approach and case studies to guide our clients in how to successfully bring business value through Data Science Approaches. The event brought together many global and regional banks over drinks and appetizers held in our local Charlotte office.
Synechron’s very own Diana Kearns-Manolatos, Global Head of Marketing, began the evening with a short introduction on why Data Science is aligned to the global digital transformation and innovation agenda within banking and encourages the participants to share their experiences and challenges.
As our audience settled in, Robert Huntsman, Synechron’s Global Head of its Data Science Center of Excellent, dove deeper into the discussion on the ways that Data Science can address business challenges that banks are facing, and common points of opportunity Synechron is seeing to apply AI among our clients.
Participants were engaged and debated topics such as how to gain business intelligence and demonstrate ROI measures related to reduced risk, increased output, enhance client engagement, and more.
The audience became interested as we discussed how banks should structure Data Science teams. The group went on the discuss where the best place for Data Scientists is within the organizational structure, particularly as banks look to implement a culture of DevOps.
It was an educational evening filled with engaging discussions and new opportunities.
Key points covered included:
- Data Science can address business challenges that banks are facing, and common points of opportunity Synechron is seeing to apply AI among our clients to automate their processes and to drive innovation. In fact, AI is projected to increase global GDP by 14% annually by 2030
- Data Science is being used across all aspects of the business to create value in targeted behavioral sales and marketing, cost efficiency and revenue generation, risk/fraud mitigation, and to create new competitive advantages. In fact, industry projections show that AI can achieve a 34 percent increase in revenue by 2022 and a 20 to 25 percent cost decrease across IT services. Participants were particularly interested in how AI can help to optimize customer lifetime value.
- When discussing how to build a successful AI team and where data science should fit within the bank, teams felt that Data Science specialists should be embedded into business and product teams in order to make sure that projects are grounded in strong use cases to build success and demonstrate business value.
- Finally, the attendees agreed that they all look to other industries like e-commerce and retail to see what the most advance applications of AI are in order to draw inspiration for their own businesses.
The evening came to a close with a 30 Minute demonstration in Synechron’s Financial Innovation Labs of Data Science Accelerators that are helping solve complex business challenges – looking at how Data Science can help to reduce probability of default on home mortgages and address customer complaints about the company made to the Consumer Financial Protection Bureau (CFPB).
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