AI & DATA IN THE FINANCIAL SECTOR
New AI technologies are transforming the way banks and insurers do business today:
🔹The global AI fintech market is predicted to reach $22.6B in 2025, up from $6.67B in 2019.
🔹Aggregate potential cost savings for banks from AI is estimated at $447 billion by 2023.
🔹75% of banks with $100 billion or more in assets implement AI, and 46% of smaller banks.
Unlocking the future: How can Financial Institutions prepare themselves to scale AI?
WATCH Athena Sharma, Artefact’s Director and Global Financial Services Lead in the UK, as she speaks at the AI for Finance event and explains the difficulties some financial institutions are facing with regard to the implementation of their AI projects, and the ways these barriers can be overcome.
1. Number one requires investing in core technology and data management.
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- Number two involves implementing a future-oriented operating model.
- Number three concerns proactively considering AI ethics and regulation.
“It’s not how or if AI can add value to your business. It’s about how you can embed AI in your day-to-day operations in order to remain relevant and competitive in a rapidly changing global marketplace,” says Athena.
AI for Finance: the annual summit powered by Artefact
Europe’s most exclusive AI & Data event focused on the financial industry
1500 participants highlighting top AI use cases in financial services met on 20 September at the Palais Brongniart in Paris for the 4th annual summit.
Round Table with Artefact x Société Général Assurances x Shift Technology x Tessi: How to use the right data to improve client experience? Watch
Round Table with Artefact x Google x Arkea: AI & Data for Sustainability. Watch
Round table with Artefact x Arkea x Edenred: Data Acculturation in businesses. Watch
ORANGE BANK: Deployment of a full funnel, cross-device activation strategy enhances Orange Bank’s data marketing
Orange Bank offers services designed natively around mobile uses so their 2.6 million customers worldwide can autonomously perform all operations from their app.
Their marketing challenge: enable subscription process management from start to finish on a mixed web and application path.
Artefact rapidly achieved their goal by:
Migrating analytics to optimize data collection, increase reliability and generate significant licensing cost savings,
Automating media tracking to improve cross-device audiences, conversion rates, and by renegotiating cost per lead (CPL) with media partners.
HOMESERVE: Using speech analytics to improve customer satisfaction
HomeServe is the world leader in home insurance services. When their clients have questions or emergencies, they overwhelmingly prefer to reach out by phone for a “voice” response.
To help HomeServe use AI to improve efficiency and customer experience in their existing phone channel, Artefact needed to demonstrate the value of speech analytics. In response, they analyzed use cases and developed microservices aimed at:
- Refining understanding of customer contact root causes;
- Detecting risks of non-compliance within sales calls.
Artefact is powering Call Centers with Artificial Intelligence.
By using virtual assistants with natural language understanding capabilities (NLP), customer service agents in call centers can become “augmented agents”.
eBook Data For Finance: Analysis from our data experts about the AI & Data impact on the Bank & Insurance sector
In this ebook dedicated to financial and insurance institutions, you’ll discover:
Why embracing the cloud simplifies banking
How AI detects fraud more efficiently than humans
What the growing cybersecurity market is all about
How AI-powered chatbots are improving call centers
How we industrialize innovation in the Artefact AI Factory.
DATA CONSULTING | DATA & DIGITAL MARKETING | DIGITAL COMMERCE
