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    Home › Artificial Intelligence › Looking to Implement AI Today? Here’s How to Do It

    Looking to Implement AI Today? Here’s How to Do It

    By Vikram Singh RaoOctober 27, 2021
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    AI

    The research into artificial intelligence (AI) has come a long way since the first summer workshop on the topic was held at Dartmouth College in 1956. These days, the technology is making its mark in global financial systems, aiding banks in completing back-office processes and serving as a touchpoint for customer-facing tasks.

    AI is used to improve financial crime and compliance (FCC) efforts, data collection and analysis, and risk management in back offices. On the customer-facing side, the technology has enabled banks to complete digital onboarding, loan applications processing, and customer services centralization in a matter of minutes instead of days, much to the satisfaction of customers. Using an AI-enabled digital payment solution gives banks, merchants, and customers the opportunity to experience safe, frictionless, and convenient transactions, no matter how far they may be from each other. The technology is causing a lot of disruptions in the financial industry, so much so that many experts are of the opinion that artificial intelligence and machine learning will shape the future of banking.

    Before they can experience the benefits of AI, though, financial institutions must ensure that they can maximize the technology and that the systems they use to carry out their processes are compatible with modern solutions that are capable of machine learning. This means embracing the digital revolution.

    From Legacy Banking Systems to AI-Enabled Digital Solutions

    Shifting from a legacy system to a digital one is a big move, one that requires a lot of time, training, and investment. To do this, you need to acquire new hardware and software, train your staff members to use the tools that you’ve purchased, and still make sure that your financial institution is able to meet the needs of your customers in the process.

    The good news is that you don’t have to complete your financial institution’s digital transformation in a single step. It’s perfectly acceptable to approach this project with a years-long timetable, one that will give you enough time and resources to purchase hardware and software and offer staggering training modules to your staff members. Some banks choose to overhaul their systems from the ground up, investing in solutions that will serve as the foundation of their modernized institution. Others choose to prioritize the pain points in their legacy systems, opting to upgrade their existing system with the addition of backward-compatible digital solutions, then slowly replace the old system’s components with digital alternatives.

    No matter how your organization chooses to go about it, here are a few key areas that you need to focus on while embracing digital progress:

    Cultural Inertia

    Banks value relationships, and for the longest time, it was custom for people to meet a representative of their bank before they entrust their money to the said establishment. The times have changed, however, and today’s customers are more open to the idea of transacting using digital channels. Still, some of your customers will prefer to carry out their transactions in a more traditional manner.

    Despite your bank’s shift to digital solutions, make it a point to still offer your clients the opportunity to meet in person and help them transition to using digital channels. At the same time, use the digital innovations and channels at your disposal to deliver a personalized experience to your clients. Doing so will allow your organization to build rapport with your customers despite not meeting them as often as before.

    Complexity

    The services that corporate banks offer their clients are quite complex, and it can be a challenge to manage this complexity in a new digital financial management system. This is especially true if your bank offers multiple types of financial products to a wide range of corporate customers, as these products and services undergo different internal processes. Translating these internal processes from an analog system to a digital one is something that should be done with care.

    This is where proper training comes in. Early on, initiate programs that will familiarize your staff members with the digital environment that they will be working in. If you’re getting the services of a third-party digital solutions provider, make sure that you choose one that offers a strong customer support system and adequate training to your staff members.

    Legacy Lock-In

    Many corporate banks are risk-averse, and replacing a tried-and-tested legacy system with a new digital solution presents its own set of risks. There’s always a possibility that the system overhaul can cause short-term inconveniences to corporate customers.

    It’s important to take note that it’s entirely possible to upgrade your bank’s internal systems one at a time through acquiring componentized solutions. Going this route can help corporate banks reduce the level of risk and dictate the pace of their digitalization process. At the same time, upgrading in a staggered manner will also give banks the opportunity to ensure that everyone within the organization can keep up with the technological changes that the company is pushing forward.

    Once your bank has transitioned to a digital financial system, you can start exploring particular services and functions that will benefit the most from using AI. Your third-party solutions provider can even help you find particular areas in your processes where the application of AI can make a lot of difference.

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    Vikram Singh Rao
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    I am an entrepreneur at heart who has made his hobby turned a passion, his profession now.

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