New York, London, Munich, Dubai – May 2, 2024 – DataArt, a global software engineering firm, and Arkwright Consulting, a management consulting firm, have jointly presented a report that offers a pragmatic framework for capturing the value of artificial intelligence (AI) within the financial services sector.
AI in Retail Banking and Payments highlights AI as a pivotal tool for gaining a competitive edge by improving overall operational efficiency. Drawing on deep technical and managerial expertise, it provides a practical starting point for companies eager to explore AI’s transformative potential.
The report notes that “the financial services value chain presents a broad range of potential AI applications that can enhance both the back and front office operations, aiming to achieve growth and efficiency goals.” Yet, it also recognizes the challenges many institutions face in adopting AI, such as the requirement for a structured approach to deployment and the significance of creating an environment conducive to experimentation.
Some of the topics discussed include:
- Relevance of AI in today’s financial service industry
- Opportunity areas for AI along the value chain
- Practical use cases of AI in banking and payments
- Organizational transformation for the age of AI
The report showcases practical examples of AI-driven initiatives and details strategies for integrating AI into organizational practices to succeed in a new era of efficiency and growth.
To learn more about AI’s impact on retail banking and payments and to access the full report, please visit: https://www.dataart.com/ais-potential-in-banking-and-payments
