Data er det brændstof, der vil drive AI & Open Finance vækst

Data er det brændstof, der vil drive AI & Open Finance vækst

Tidsstempel: 8. december 2023 kl. 3:03
Kildeknude: 3005770

Kunstig intelligens vil have en seismisk effekt på finansielle tjenester. McKinsey har

forudsagde at AI kunne levere en "værdiskabelsesmulighed på op til $20 billioner" for banker hvert år. Accenture også

argumenteret at 90 % af al arbejdstid i bankbranchen vil blive "påvirket" af store sprogmodeller som ChatGPT og forudsagde, at halvdelen af ​​al arbejdstid i sektoren kunne automatiseres. 

Ved en nylig Open Banking Excellence (OBE) Campfire sagde Michael Borrelli, direktør for AI & Partners: "I en æra, hvor data er olien, vil AI være den nye forbrændingsmotor."

Data will be the great enabler of AI. Open Banking and Open Finance lets that data securely flow between lenders and their customers. Together, these two paradigms can unlock the power of data to drive fairer, faster and more accessible financial services
as well as significant industry growth. 

En kæmpe vækstmulighed for store banker

At the Campfire, Karen Wall, EMEA Open Banking Product Lead at J.P. Morgan, discussed the financial giant’s work in this exciting space. It has collaborated with a range of fintechs working on AI, looking at use cases such as payment processing and accessing
wider “collective intelligence,” which it describes as “a collaborative ecosystem where shared data is more powerful than the sum of its parts”. 

En af de store muligheder, Karen fremhævede, var "selvkørende treasury", hvor AI bruges til at automatisere pengestyring og bevægelse samt skabe realtidsindsigt, der "driver mere meningsfuld beslutningstagning på likviditetsniveau". 

"Du kan udnytte nogle af de indsigter, du får fra Open Banking eller Open Finance," tilføjede hun. 

Karen also shared some superb learnings for banks that are deploying AI, suggesting they consider setting up their product stack to deliver good outcomes for both direct customers and the wider ecosystem. Banks should carefully consider how they are collecting
intelligence and gathering data from across the institution. Siloes need to be broken down to provide shared views of how AI is deployed across different lines of business. Strict governance models must ensure data is used and consumed safely. Firms should
also provide transparency for end users so that they know how their data is being used. When using a Large Language Model, careful thought should be given to the data that is used to train it so that bias is mitigated.  

Karen added: “Those are key components that everyone should have in the back of their mind. If we deploy this technology, and for some institutions, it is early days, so they’re still learning as they go. But those are core tenets of their business today.
How are you deploying products to market, what technology are you using and what information is informing that deployment and oversight of the product to ensure good outcomes?”

De reelle kundefordele ved kunstig intelligens 

"AI er blevet brugt til at hjælpe kirurger med at træffe bedre og hurtigere beslutninger for deres patienters behandling," sagde Suzanne Homewood, Decisioning Managing Director for Moneyhub. "I vores verden handler det om, hvordan vi kan træffe bedre beslutninger for kunderne."

 Suzanne said AI could help everyone from underwriters to customer service agents serve customers more effectively by automating routine tasks and leaving human employees free to pay attention to “outlying cases such as people who need [personalised] support,
rather than a broad brush approach”. 

She also emphasised the ability of AI and data analytics to enhance decision-making, leading to better efficiency, cost control, and fraud reduction. She noted that one lender observed a 15% dropout rate in applicants identified as fraudulent through Open
Banking. Loans made with better-informed decisions that use open banking data to assess affordability perform up to 50% better than other loans, Suzanne continued. AI and data not only benefit consumers but also aid organisations in offering improved products
and services, thereby enabling business growth and wider financial inclusion. 

"Mennesker vil stadig eksistere, og vi bliver stadig nødt til at holde folk i hænderne," sagde hun. 

Positive tegn på fremtidig vækst kan ses i den yngre generations skiftende syn på deling af data.

Suzanne fortsatte: "Den yngre generation, der får adgang til finansielle tjenester, har en helt anden holdning til data... Så længe så længe de forstår, hvad de vil få ud af det, er folk parate til at dele deres data."

Brancheinspiration: AI i forsikring 

 AI is transforming the insurance industry. The industry collects a vast amount of data, including historical claims, credit scores, and social media activity. AI can harness this data to enhance insurance products and services. Its impact will be particularly
notable in areas like professional indemnity, directors and officers, cyber, and crime policies, said Natalie Simpson, Claims Manager at Protean Risk.

In areas like motor and home insurance, AI is already being used to accelerate claims processing. For example, AI can assess damages from photos and expedite payouts. Despite these benefits, AI in insurance will require continuous oversight to manage how
it learns and makes decisions. Natalie agreed that the human touch would be vital in some interactions. 

She said: “Having all that data and the ability to analyse data patterns can detect and prevent fraud as well as improving customer experience and free up that workforce to have one-to-one contact with their customers. However, I think we’ve all been in
those situations where you’re stuck in a call cycle of trying to get through to a person or you’re just talking to a chatbot. It’ll be difficult to completely erase humans.”

The future is bright – and not very far away. ChatGPT shows us how quickly disruptive change can occur and shift the ground beneath our feet at unprecedented speed. After its launch at the end of 2022, it achieved 100 million monthly active users in just
to måneder.

AI og Open Finance vil give næring til et af de næste store brag af økonomisk vækst. Som den nation, der satte planen for Open Banking, har Storbritannien chancen for at være lige i centrum af denne supernova. 

Tidsstempel:

Mere fra Fintextra