“In the next five years, every successful company will become an AI company. It is now the next level of competitive differentiation.*”
An empirical study on AI adoption across 151 organisations in the financial services industry found that over three-quarters of all respondents expect AI to form an integral part of their business within two years.*
*Cambridge Centre for Alternative Finance and World Economic Forum, Transforming Paradigms: A Global AI in Financial Services Survey, Q3 2019
Currently, the most frequent use of AI is in risk management (54%), with the generation of new revenue potential the second most frequent use-case (52%); however, an overwhelming 95% of survey respondents expect to be using AI technologies to drive revenue-generation in the next two years. We are experiencing a shift in perspective among global enterprises to utilise AI technology to drive increased revenue generation, improved decision making and to empower front-office employees with instant, actionable insights so they can outperform. This white paper draws on discussions we have had with enterprise leaders across the financial services, recruitment and real estate sectors to assess the requirements of a successful digital transformation and identify two key outcomes from its implementation.
Our findings from discussions with C-Suite executives in the financial services industry have been supported by a research report carried out by the Cambridge Centre for Alternative Finance and the World Economic Forum which found that 85% of organisations are currently using some form of AI within the business. We very rarely have discussions with business leaders in which the value and opportunities presented by AI are not appreciated; however, we believe that 2020 will be the year to progress digital transformation strategies from “explore” to “action”. With that in mind, this white paper aims to present a practical, strategic approach to successful digital transformations and to identify two specific outcomes which should result from its implementation.
*Mitra Azizirad, Corporate Vice President for Microsoft AI, 2019