Cognitive computing, which attempts to mimic the way a human brain works, has already generated household names such as Apple’s Siri and Amazon’s Alexa. Alongside using artificial intelligence (AI), cognitive computing uses other underlying technologies, including neural networks, to be more lifelike.
Our client, a global provider of financial advisory services, concluded that this technology could be useful for expanding advisory tools and client-facing services. The client wanted to explore new cognitive computing technologies, and sub-areas such as artificial intelligence (AI), machine learning, and natural language processing. The goal was to provide innovative financial advisory solutions that would enable them to better serve their customers, and give them an edge in their competitive industry. With little experience in this technology area, our client needed expert guidance to identify solutions that would be applicable in their area of finance.
We assembled two project teams with world-class experts who were selected based on their extensive knowledge and implementation experience with technologies from all the sub-areas related to cognitive computing.
First, our teams worked with us to complete landscapes and forecasts on both cognitive computing technologies and on the financial advisory industry. Our technology forecast helped our client understand which cognitive computing technologies were best for their intended applications, and when each technology would be ready to be implemented. Our industry landscape and forecast projected what new types of financial advisory services would be in high demand over the next five years.
Synthesising the findings from these two analyses, we created a shortlist of high impact innovation-driven business opportunities that to pursue over the next five years. These opportunities will be driven by the “technology push” of future innovations in cognitive computing and the “market pull” of changes in demand for different types of financial advisory services.
Finally, we worked with our teams to evaluate all of our client’s existing services and technology assets based on the findings of our forecasts. This assessment would help our client to understand which of their advisory services areas or technology assets they should plan to modify or retire over the next five years.
Feasibility studies on innovation opportunities in cognitive computing
Our analysis and actionable advice provided our client with a thorough understanding of current and future opportunities related to cognitive computing and the financial services industry. They intend to use these resources to guide their strategy for expanding their financial advisory service capabilities in the near future.
The shortlist of technologies that our expert teams identified allowed our client to refine their near-term strategy for achieving their goals. This will involve using late-stage technologies to create new tools, products, and services within a year.
Our shortlist also helped our client define their long-term innovation plan, including several never-before-seen solutions identified by our team that will revolutionise the financial advisory industry over the next three years.
Our evaluation of our client’s existing technology assets identified several ways that cognitive computing technologies would be used to provide quick, ready-to-implement improvements to their current services. It also identified the opportunity to deploy game-changing technologies that will be instrumental in addressing new business opportunities over the next five years.
As a result of our work, the client has begun to integrate the shortlisted technologies we identified. Additionally, they have requested that we conduct additional feasibility studies on the game-changing technologies we identified, which will be part of new advisory service offerings unique to their industry.