CCR2 Communications
organisations to focus on the long-term implications of AI adoption.” Donie Lochan, the CTO of Invesco,
said: “The report highlights the amazing opportunity ahead of us in financial services for AI and machine learning to the benefits of our customers and our organisations. Technological advances such as leveraging intelligence to define investments for
customers tied to their personalised goals, improving customer experience through the use of intelligent bots, additional alpha generation via insights from alternative datasets, and operational efficiencies through machine learning automation, will soon become the norm for our industry.”
Fintechs appear to use AI differently from incumbents, with 40% of fintechs mainly utilising AI to create new products and services rather than mostly improving existing products, compared to 15% of incumbents
Major findings The report’s other major findings include: l Nearly half of all respondents see a major competitive threat in ‘Big Tech’ firms leveraging AI capabilities to enter financial services. l Fintechs appear to use AI differently from incumbents, with 40% of fintechs mainly utilising AI to create new products and services rather than mostly improving existing products, compared to 15% of incumbents. l Selling AI-based solutions as a service is becoming a distinctive business model,
currently adopted by 45% of fintechs and 21% of incumbents, which allows firms to capitalise on larger and more diverse datasets through digital platforms. l Novel insights are increasingly provided by using AI to analyse new or alternative datasets such as social media and geo- location data, with 60% of respondents making use of such data in their AI applications. l Data quality and access to data and talent are seen as major obstacles to implementing AI by more than 80% of respondents. lWhile views of regulatory influence on AI implementation diverge, most firms feel impeded by data-sharing regulations between jurisdictions and entities as well as regulatory uncertainty and complexity. CCR2
Edited from an article on the Cambridge Judge Business School website
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February 2020
www.CCRMagazine.com
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