How smart FIs are achieving their AI transformation targets

 

• How have AI applications been successfully implemented in the financial services sector over the past year, and what have institutions learned about what ‘works and what doesn’t with AI transformation?
• How are banks and credit unions ensuring the data that fuels AI efforts is clean and available? How does leaving key information in its primary source location help make such processes simpler, more efficient, and less costly?
• Which are the most prominent AI use cases proving their value in the financial industry now, especially in client service, risk & compliance, and loan management applications?
• How can FIs ensure that AI-powered processes are unified and streamlined right from the start, allowing AI projects to quickly and reliably achieve the returns on investment (ROI) required to justify the time, money, and resources expended?
  
   

Financial institutions across the globe have embraced artificial intelligence and machine learning to improve processes including Know Your Customer (KYC) and Anti-Money Laundering (AML) efforts, transaction and payment screening and monitoring services, and more.

Now, using specialised generative AI software, many have found new, cost-effective ways to improve efficiencies and service on the front ends of their businesses as well.

But embedding large-language model (LLM) intelligence in customer-facing departments and systems—and using these tools to bolster ongoing operations behind the scenes—has not been a simple proposition. Many AI projects fail due to challenges such as data identification and quality, as well as missing connections between critical sources like transaction history, product information, and compliance details.

Smart institutions are deploying enterprise-ready AI software to supercharge common banking procedures and elevate the customer experience. AI solutions that access and reuse critical data efficiently—right from its primary source instead of replicating databases—are able to align multiple processes together in sensible combinations. They transform processes including onboarding, KYC, AML, fraud protection, loan underwriting, funding, and operations, as well as a growing list of payment and client service functions.

 

Register for this Finextra webinar, hosted in association with Appian, to join our panel of industry experts who will discuss effective AI transformation and how financial organisations can reliably achieve the desired ROIs.