A majority of enterprises in financial services are undergoing a full-cycle digital transformation, with AI-led projects in the spotlight.
That’s according to a study by Infosys released this week.
More than 75% of banking and insurance companies are undergoing full-cycle transformation, while 20% are transforming partially, according to the report. The respondents that said their organizations are transforming, indicated that five AI-supported activities play a significant role in that process: machine learning, cognitive AI-led processes, automated predictive analytics, institutionalization of enterprise via AI, and robotic automation.
From the report:
Beyond the front office, AI has plenty to offer to the middle and back offices as well. In credit risk management, banks are leveraging smarter algorithms produced by machine learning and prescriptive analytics to understand repayment patterns, identify tardy debtors and predict default.
Infosys surveyed 1,070 IT and business decision-makers in the financial services sector, from organizations of more than 1,000 employees, with $500 million or more annual revenue.
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