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To succeed in today’s digital-first world, banks are under pressure to orchestrate differentiated customer journeys to attract, win and retain long-term loyalty. Advances in real-time customer data and artificial intelligence (AI) technologies are leading the way to deliver hyper personal experience Which is both relevant and timely.
However, many banks are struggling to achieve ROI from their data and AI investments. Stuck with legacy systems, secret data, and entrenched IT teams, digital transformation projects are still failing at one level alarming rate,
Some are attempting to address value leakage by focusing narrowly on AI-point solutions tailored to specific fixed use cases. While this may result in limited short-term lift, it only adds technical debt to an already strained and vast infrastructure. Also, these bespoke solutions often lack the necessary integrations in functional silos underpinning a holistic customer experience.
Balance short term gains with long term gains
An equally challenging approach to change requires large-scale modernization across the entire technology stack. IT teams looking to replace core banking systems, upgrade legacy data infrastructure, or build full-scale platform solutions from scratch are feeling the pressure.
These challenging multi-year, hundred-million-dollar projects are incredibly risky and the payback cycles are often very long. They drain already underprivileged IT resources, and the business is often left limping in the meantime.
Accelerating the conversion roadmap as well as unlocking accelerated time to value requires a more flexible approach. The key lies in an intermediate intelligence layer where data-driven decision making is conducted across the enterprise. This layer uses a dynamic mix of AI, advanced analytics and human expertise to transform data into insights and action at scale – a concept we call Applied Intelligence.
add a flexible layer to wit
Think of it this way. Similar to the tendons and ligaments that connect bones and muscles in our bodies, an applied intelligence platform binds and strengthens components within your existing technology infrastructure.
This modular, API-first layer enhances and transmits intelligence between your digital front-end applications and your back-end servicing systems and data stores. It is the place where decisions are made and strategies come to life. Where data and AI insights are driven. Where actions are taken that produce business results.
And it does all this at scale and in real-time through expertly choreographed data flows and orchestrations. It adds flexibility where it was previously lacking, operating your rigid legacy infrastructure as an agile partner in a digital-first strategy.
Embrace a Platform Operating Model
Leading companies are already adopting a new way of thinking about their data, their systems, their human capital and their overall enterprise intelligence.
BCG describes a technology operating model where AI unlocks the potential for better, faster decision-making. In this model, ” bionic company At the heart of the new organization lies a modular technology stack driven by data.
McKinsey describes a AI-Bank of the future Where a decision making layer sits between the bank engagement and core technology layers. Working together, these layers “deliver distinctive omnichannel experiences to customers, support personalization at scale, and drive rapid innovation cycles to stay competitive in today’s world.”
In both approaches, AI-driven decision-making capabilities are holistically integrated within a platform operating model to provide value across the technology stack.
Banks that lack an integrated AI decision-making layer have a huge opportunity to realize near-term wins while aligning with long-term modernization efforts and enterprise architecture roadmaps. This platform-based approach is well positioned to scale AI-driven decision intelligence across diverse functional areas and accelerate value with each incremental use case.
Create a space for collaboration and innovation
An enterprise platform approach provides a strategic, integrated location for applied intelligence. IT teams can leverage the extensible platform to expose functionality in silos while maintaining overall governance. Business leaders, analysts, and data science teams can take advantage of the low-code/no-code environment to author, edit, access, share, and apply valuable decision assets, such as data features, predictive models, or business rules .
Within this space, teams are empowered to collaborate at new levels, experiment and create new digital experiences, personalize decisions, and drive unique customer moments that differentiate the bank.
Most importantly, this approach can get you wherever you are on your digital transformation journey. Shifting the conversation from rip and replace to enhance and mature, a layered approach to change tackles and solves problems that cut across lines of business, helping you extract immediate value from your existing systems, All this results in a better customer experience and driving the bottom-line.
Learn more about how FICO Platform Helping leading banks connect, develop and deploy data-driven intelligence.
-Jaron Murphy, Designing Technologies Partner, FICO
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