Banking on AI ROI: Achieving Production Ready AI
The integration of AI in the financial sector promises not just innovation, but tangible returns on investment. However, with 85% of AI projects failing to reach production, the real challenge lies in transitioning from experimental to operational.
Successfully deployed AI can solve complex business, operational and economic challenges, directly impacting a company's bottom line. This article explores five strategies that ensure AI projects not only reach production, but also deliver significant ROI that helps:
- Build Data-Driven Leading Architecture
- Automate Day-to-Day Operations
- Deliver enhanced Human Experience-Centric Solutions
1. Prioritise practical solutions over theoretical models
Successful AI implementations begin by focusing on practical and immediately applicable solutions rather than theoretical models. For instance, AI-driven risk assessment tools that are integrated into existing loan approval processes can reduce defaults and increase processing speed, directly enhancing profitability. These solutions tackle real, substantive business problems, providing clear, measurable returns.
2. Foster collaborative development
For AI to effectively solve operational challenges, it must be developed in collaboration with those who understand these challenges best. Collaborative development methodologies ensure that AI tools such as customer service bots or transaction monitoring systems are not only technically sound, but also finely tuned to the specific operational needs of the financial sector – therefore enhancing customer satisfaction and operational efficiency.
3. Implement rapid prototyping and iterative testing
Adopting rapid prototyping and iterative testing accelerates the development cycle of AI solutions and ensures they are robust and ready for deployment. This approach allows for the quick adaptation of AI to real-world conditions, making it a crucial strategy for turning AI projects into production-ready solutions that address economic pressures by reducing time-to-market and operational costs.
4. Focus on compliance and security from the start
Incorporating compliance and security at the design phase of AI development mitigates risks and aligns with regulatory requirements, which is essential in the financial industry. By ensuring that AI solutions are compliant and secure, banks and fintechs avoid potential fines and reputational damage, thereby protecting economic interests and boosting consumer confidence.
5. Leverage end-to-end expertise
End-to-end expertise is vital for ensuring that AI projects are not only launched but also continuously optimised to deliver ROI. This comprehensive approach tackles everything from system integration to real-time performance monitoring, ensuring that AI solutions continually adapt and evolve with the institution's needs, therefore solving ongoing and emerging business challenges.
Navigating the complexities of AI deployment in the financial sector requires more than just technological innovation; it demands a strategic approach that directly addresses specific business, operational and economic challenges.
By focusing on production-ready AI that delivers tangible ROI, organisations can transform these challenges into competitive advantages. Intelygenz, with its robust methodology and decade-long experience in deploying successful AI solutions, proves to be an invaluable partner in this journey. By aligning AI capabilities with strategic business outcomes, Intelygenz ensures that your investments in technology yield measurable and significant returns in weeks, not months or years. Join the 15% Club today!
About Intelygenz:
Intelygenz, a VASS Company is a leading deep tech and AI services consultative company, specialising in delivering tailored solutions that leverage advanced technologies to drive business transformation in the banking and fintech sectors. With over two decades of expertise, we specialise in enhancing operational efficiency and elevating customer engagement, thereby delivering measurable returns on investment. As a full-service end-to-end consultancy, Intelygenz collaborates closely with our clients' internal teams from concept through to deployment, helping to develop, integrate and maintain customised solutions.
Our key strength is our ability to facilitate rapid deployment, enabling our clients to realise tangible ROI within weeks, not months or years. Banks and fintech companies trust us to tackle their most complex challenges, confident in our capacity to support their teams in delivering critical AI-enabled projects on time and within budget.
To learn more about Intelygenz and how we can empower your organisation, visit our website at Intelygenz banking and fintech solutions.
About Chris Brown:
Chris Brown, President USA at Intelygenz, a VASS Company is a seasoned leader in the AI and tech industry, specialising in transformative solutions for banking and fintech. Leading a team dedicated to innovation, Chris drives the development of tailored deep-tech solutions to meet evolving client needs. LinkedIn
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