Financial advisers and other financial services providers that embrace new technologies such as artificial intelligence will become the market leaders of the future according to according to a report by EFMA.
The global not-for-profit financial services organisation has published a digest publication titled ‘Getting ahead with AI: Transforming the future of financial services’. In it EFMA explores the latest artificial intelligence (AI) research and analysis from across the globe, in a bid to help enable retail financial services firms to “leverage exciting new technologies” and turn their data into what it believes will be a “clear business advantage” in the future.
The report not only looks at the many new opportunities that AI technologies are presenting to financial services organisations, but also tackles the key challenges that are inhibiting success, EFMA said.
“Banks and insurers have an unprecedented opportunity to automate and transform their businesses through the innovative use of AI technologies,” explains Vincent Bastid, EFMA’s chief executive.
“It seems likely that AI will revolutionise the way they gain information from and interact with customers, and may even become the face of their organisation or brand. This EFAMA Digest aims to help financial services firms get to grips with current trends, meet new challenges and realise the massive potential that AI has to offer.”
The report concludes with four key recommendations that experts make to financial services firms who are looking to effectively exploit the value of AI. This advice includes focusing on filling the skills gap, investing and finding relevant partnerships, the need to become a cognitive bank, the importance of implementing the right mix of platform technologies, and lastly how important it is to never forget the human touch.
“While there is no such thing as a correct approach to the adoption of AI, there are a number of important considerations that should be made in order to realise the true potential of the technology,” Bastid concludes. “We hope that by bringing these recommendations together into a very accessible format, we will prevent financial services firms from making mistakes and help them become leaders in the sector.”
EFMA was established as a global non-profit organisation in 1971 by banks and insurance companies and facilitates networking between decision-makers within the industry and is supported by more than 3,300 brands in 130 countries.
EFMA is headquartered in Paris and has offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Mumbai and Singapore.