The Blueprint of an AI-first Financial Institution
In this article from Global Finance Magazine, Bal Shukla (Head of AI & Business Transformation, Financial Services) highlighted how financial institutions are attempting to expand both traditional and generative AI across the company.
An AI-first financial institutions fully leverage data and AI to automate tasks, streamline workflows, enhance products and services, and differentiate against peers with utmost efficiency and ethical decision-making. A value-based approach can leverage the existing power of digital and cloud to evolve quickly with complete transparency and auditability. This is especially important with changing expectations of the stakeholders, such as customers, regulator, shareholders, and broader communities.
An AI-first strategy focuses on three key layers:
- AI-first foundation
- AI-first core
- AI-first growth
Bal also talked about how, for the financial institution to genuinely be an AI-first one, companies as a whole need to embrace AI and future innovations need to be encouraged across organizations. Since this AI era demands diverse skill sets, training and adapting resources for effective collaboration with AI systems are necessary. There will be focus on conflict resolution, trust-building, and machine “unlearning”.
