According to a recent Gartner report, generative artificial intelligence (AI), autonomic systems and privacy-enhancing computation are three technology trends gaining traction in banking and investment services this year. These trends will continue to grow over the next two to three years, contributing to growth and transformation of financial services organisations. IT spending by banking and investment services firms is forecast to grow 6.1 percent by the end of this year, to $623 billion worldwide.
The analyst firm predicts that 20 percent of all test data for consumer-facing use cases will be synthetically generated by 2025 and expects a rise in autonomic systems, with applications including debt management, personal finance assistants and automated lending. However, more advanced forms will emerge as leaders continue to invest in digital applications and business transformation across financial services.
“As Gartner forecasts, revenue operations (RevOps) transformation is gaining momentum as financial leaders identify new ways of reaching their customers and establishing new revenue streams,” said Ash Finnegan, digital transformation officer at Conga. “However, it is no easy feat. Conga’s own research revealed that only 37 percent of organisations experience success with the digital transformation of their commercial functions. Many aspire to be disrupters, picking a technology like artificial intelligence (AI) and implementing it at speed to keep up with new challenger banks or fintech rivals. However, they have no understanding of how it can impact their business or how to implement it successfully.
“AI is not a silver bullet – it is only as good as the data provided. It is also only beneficial if it accelerates key business processes and provides real data intelligence. Leaders need to be far more strategic with their investments and establish clear objectives before adopting any new technology. Most importantly, all data needs to be auditable, available and actionable – that is the only that AI or machine learning will be successful and add real value. By reviewing the RevOps cycle and identifying core business processes, leaders will have far greater insight into data streams and be able to identify trends and areas of improvement. Then they adopt automation far more carefully and focus on accelerating their revenue streams.”
