Forecasting the Future Connections between Front-Office Banking and Artificial Intelligence
Emerging Digital Technology
Big Four Consultancy
Strategy & Operations
Our Client, a financial institution with front-office banking operations, recognised that they were losing customers. Some had gone to familiar competitors in the banking sector that had recently implemented digital banking solutions. Others customers had signed up with large technology companies that also offered retail banking services. The Client recognised that Artificial Intelligence-based applications played a significant role in the value that each type of competitor was providing to their former customers.
New AI-based applications included the use of machine learning for virtual assistants, big data analytics for budgeting tools, and biometrics for enhanced account security, and computer vision for robotic assistants. The Client knew that they needed to quickly develop a strategy to provide similar offerings, but did not have the necessary experience in their organisation to guide their research and development work on this issue.
They asked CamIn for our expert advice on evaluating the current technological landscape for AI applications in front-office banking. They also sought our guidance in evaluating solutions were most relevant for their operations, and for our insights on how they could differentiate themselves from their competitors with new technology.
leading vendors identified developing relevant AI solutions.
AI-based banking solution competitors benchmarked.
weeks were spent for project delivery.
CamIn recruited a leading expert, with a background in applying AI-based technologies to front-office banking applications, into our team to solve the Client’s problems. CamIn developed a detailed technology landscape of AI-based solution providers to front-office banking applications, identifying eight of the leaders and fast-followers working in this sector.
Our analysis critically evaluated the technologies offered by each company, considering its competitive advantages and disadvantages, and its suitability for the Client’s strategic goals. We also completed a forecast of each technology provider’s prospects over the next five years.
CamIn’s report advised the Client on the most promising opportunities within the vast landscape of AI-based solutions, identified the Client’s potential technological edge, and helped define a clear strategy for the development of their own AI-based solutions for their customers. The client was confident in their choice of technology and potential partners, and in their awareness of their competitors’ approaches. The comprehensive nature of our investigation provided significant benefits to the Client’s strategic planning. They noted that we had identified several companies that they hadn’t heard of before, or weren’t aware of their activities in retail banking. They also noted that we had identified competitors pursuing AI-based banking solutions that their internal analyses had missed.
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Dr James Stovold
Emerging Digital Technology
j.stovold [at] camin.com
+44 (0)7388 2664 65
Dr Dishant Mahendru
d.mahendru [at] camin.com
+44 (0)7388 6177 92
EMERGING DIGITAL TECHNOLOGY
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