This is part of series of short blogs for setting up Fintech Bank within a Bank.
One of the biggest mistakes of my life has been my lack of focus on Analytics, which logically became a blocker for AI / ML. I guess the situation is not too different across the Financial industry, focusing purely on transaction processing.
Few suggestions:
– Create an AI / ML team in the organization right away. Let size not be a constraint. Like your sales staff, this team would be productive, but in a different way. I believe a min team size of 10 would be a good starting point.
– Embed AI / ML into the culture: Every business person should be aware of possibility of using AI / ML in their areas. Sales / Marketing / Compliance / Ops / Credit teams must know the potential of AI.
– Create Early Wins: Build use cases, which can deliver value on quick basis. This can be done in areas of credit analysis as comprehensive data is already available.
As we move from age of automation to age of AI, we will realize that while pure automation offered things, which were faster / cheaper… AI / ML takes it to different level… As experts say People + AI + Process would be the ultimate weapon.