The smart way to an AI strategy
AI is a disruptive change to the market, similar to the Internet or mobile phones. While it can be used for incremental change, it also opens up brand new ways of doing business.
In such a rapidly evolving environment, creating a top-down AI strategy is difficult. It depends on many external factors that are hard to predict. At the same time, businesses need to be ready to adopt AI rapidly when the time is right.
Business leaders are faced with the challenge of mapping out a way forwards without investing money at the leading edge of technology, only to see that advantage eroded in a period of months.
The solution lies in smart deployment.
Starting with what works
Generative AI lends itself to creating strategy from the ground, up. The technology is so new that it is difficult for staff and management to fully appreciate its strengths and limitations from the outset.
Creating a range of representative proof-of-concept applications allows businesses to see the power of AI and how it can be used to make a meaningful change to the customer experience, operating margins and staff wellbeing.
By covering a number of disparate services at the same time, it is possible to see how the market is likely to evolve and highlight the most promising initial applications, informing the critical make-or-buy decisions that will shape the AI strategy going forwards.
Role of the PoC (Proof-of-Concept)
In a fast-moving market, small proof-of-concept solutions enable businesses to fully test AI in real commercial applications to determine customer fit, organisational compatibility and risk management, all before a full-scale implementation project is started.
PoCs can typically be created rapidly, at a fraction of the cost of a full commercial implementation. This allows a variety of solutions to be tried at low cost in order to select the most promising applications.
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AI for Governance
In a highly regulated sector, governance remains of paramount importance in the banking sector. But the quantity of material required to cover all the regulations means that only specialists are fully conversant with the details. AI can be used to create a natural language chatbot that answers questions relating to a large library of policies and regulations, enabling all staff to easily check for compliance.
The regulations are stored in a central repository, meaning that there is just one location for the most up to date information, greatly simplifying document management and removal of outdated policies.
02
Automated sentiment analysis
In a world where social media plays an increasingly important role, it is challenging to keep in touch with the many trends and themes that are evolving in the customer base. Specifically, customers may express opinions about products or the organisation itself and these may be amplified by others, whether or not the information is correct.
AI can provide real-time sentiment analysis in which it analyses multiple channels, looking for references to the business, products, customer experience, competitors or the sector in general. In this way, the AI is able to highlight emerging themes or issues in good time, allowing the PR team to proactively intervene and ensure that the correct messaging is provided to the market in a timely manner.
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Real-time competitor product monitoring
Competitor monitoring is a laborious task, searching for data typically on competitor websites to identify when changes have occurred (for example launching of new loan products or removal of others). AI is able in real time to capture the information from the web, extract the relevant items from a wide variety of sources (pages, documents, tables and even images) and compile them into a consistent product monitor that ensures the business remains fully up to date with the market.
The rate of change in AI is so rapid, it is not possible to create a precise long term AI roadmap with confidence. It is, however, possible to create a resilient, AI-ready business that takes advantage of the AI available today and is ready for the AI of tomorrow.
This AI digital transformation is not just a technological change. It reflects into markets, brand, culture, training, governance, ethics and business values. As such it requires a whole-organisation response to ensure the business is ready for the technology of the future.
By taking a pragmatic and opportunity-driven approach to AI adoption, businesses can take advantage of the many benefits of AI today and position the organisation to be able to rapidly adopt the new advances as they evolve.
Companies, such as Akili AI, bring the combination of skills, foresight and banking knowledge to support banks in the AI adoption journey to deliver a productive AI future while managing the transition to the new way of working.
Delivering Digital Transformation with Responsible AI
It is easy to get started with a simple clear approach:
- AI audit – What AI does the bank use today and how are they managed
- AI Governance – Put in place a simple but effective AI governance process
- AI Opportunity Discovery – Map the places where AI can have most impact
Getting started with AI is about choosing the right problem. One with clear business benefit, that can be readily integrated into your existing systems. And one that aligns with the ethos and brand to enhance the customer experience.
Talk to us to start your AI Transformation Journey!