Thanks to OpenAI and ChatGPT, AI has become the buzzword of the year in everything related to digital financial services. But in reality, AI has been here all along.
Being born just three years after its big brother, the internet, AI has been in the works since the late ‘60s and just waiting for its opportunity to shine. And now, with the ever-growing and overabundance of computing power, it’s in the open. Financial institutions just need to be willing to leverage it.
Understanding AI capabilities
Many of the tools currently available, and which you likely have access to, have been using AI already — they’ve just gone unnoticed. Capabilities like natural language analytics, automated insight generation, predictive AI, machine learning and generative AI were things that only IT or data people would talk about. Now they’re everywhere.
For financial services, the use cases for AI are more than plentiful, including:
- Customer support
- Customer engagement
- Fraud detection
- Deposit growth and loss
- Profitability analysis
- Policy management
- Employee churn
- Customer churn
So, where do you start?
Establishing AI readiness
Four steps can help your organization start using the full potential of AI tools:
- Data: AI and data-driven analysis should have good, solid data as the foundation. That’s a given. However, do you need to have 100% of your data from all your systems perfect and integrated into a massive data store? Although that would be the ideal, the answer is no. Instead, you can start with a subset of clean data and work with available tools to combine and leverage the data you have.
- Targeted proof of concept: What are the things that keep you up at night? What answers could drive change to your business, drive change to your customers’ satisfaction or help your day-to-day work-life balance? With AI, answers to these questions are within reach.
- Pick a tool: There are many cloud-based, pay-as-you-go-and-grow tools available, making the hardest part choosing which one to test first. Many tools let you explore AI predictions freely and test what-if scenarios with a few clicks. The automation within these tools is becoming so great that it now only takes days or weeks, not months or years, to get you the answers you want and need.
- Start: Once you pick a tool, test, learn, fail fast and repeat.
So, in your organization, are you facing a lack of readiness or a lack of willingness? Based on the current market and how AI capabilities are now at your fingertips, readiness shouldn’t be that hard to overcome.
How Wipfli can help
The Wipfli digital team is ready to help give your financial institution confidence in your AI readiness. We work with you to develop data governance and digital strategies tailored to your unique challenges. Contact us today to learn more about how we can help you master the latest innovations.
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