Moving beyond the Artificial Intelligence (AI) hype to get strategic value from data science in financial services
Financial institutions can collect billions of data points from their technology infrastructure every day, with most of it going untouched. In fact, IDC Research has estimated a 61% growth in worldwide data anticipated to reach 175 zettabytes by 2025. Global businesses already have seen a huge opportunity from AI and automation and are heavily investing in AI projects, data, and the supporting infrastructure. This is where AI and Data Science can make a significant impact beyond automation to significantly change business models to match a new digital realm and new customer expectations, when it comes to services, accessibility, and technology capabilities.
By employing deep data analytic tools and cognitive machine learning to structured and unstructured data, businesses can have more insight than ever before and turn their data into meaningful assets to apply to problem solving, consumer insights and more. This paper looks into how banks can gain competitive advantage by leveraging this data and data science and analytic tools to tap into customer behaviors and get ahead of the curve to offer improved value.
By exploring the next frontier of data science, banks, asset managers, and insurance companies have an opportunity capitalize on the latest trends in AI.