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Market Research Report

Many Things from the Shiny New Thing: 20 Early Adopters of Artificial Intelligence in Asia/Pacific Financial Services

Published by IDC Product code 913848
Published Content info 24 Pages
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Many Things from the Shiny New Thing: 20 Early Adopters of Artificial Intelligence in Asia/Pacific Financial Services
Published: October 7, 2019 Content info: 24 Pages
Description

In this report, IDC Financial Insights discusses how Asia/Pacific (excluding Japan) (APEJ) is embracing artificial intelligence (AI) and the many technologies that come under its ambit. Several early adopters of AI have emerged from the region, with a wide range of objectives from the ability to offer superior customer and employee experience and the augmentation of operations to the design and launch of new products and services.In our opinion, AI is not the answer to every business goal and problem. However, for those in which AI is the answer, it can significantly transform customer experience and engagement, optimize operational efficiencies, and create new products and services. Regardless of its promises and emerging evidence of significant benefits, AI adoption has been low. Most of the FSIs in the region were not born digital, and they are still stuck with traditional ways of thinking and working. They still do not consider AI as part of their core, enterprisewide strategy, and as a result, it is being implemented as part of a fragmented, siloed approach without any long-term road map to achieve scale.

However, we are nearing a tipping point and expect this situation to change considerably within the next two to three years as there are more successful use cases and real evidence of unprecedented benefits available in the market. This will further change with a better understanding of the capabilities of AI and as more institutions invest in AI readiness. Sneha Kapoor, research manager, IDC Financial Insights, says, "By 2022, IDC Financial Insights expects more than 50% of Asia/Pacific FSIs to invest in one or more AI technologies. Majority of projects will focus on three objectives: transform the customer experience, optimize operational efficiencies, and create new revenue streams. We also believe that AI will be one of the key technologies to drive institutions through digital business transformation."

Table of Contents
Product Code: AP43052218

Executive Snapshot

Situation Overview

  • Who Is Doing What?
  • Defining What Exactly Is AI
  • What Is an AI Project?
  • The AI Opportunity Assessment
    • Key Trends
    • Benefits
    • Challenges
      • Identifying the Right Use Cases
      • Data Presenting the Biggest Conundrum
      • Missing AI Piece in the Core Strategy
      • Inadequate Attempts at Change Management
      • Lack of Skills and Talent
      • Lack of Technical Infrastructure
  • Most Common Areas of Implementation so Far
  • 20 of the Best, Early Adopter Initiatives in AI

Advice for the Technology Buyer

  • Actions to Consider
    • Strategy and Sponsorship
      • Think Big But Definitely Start Small or at Least Somewhere
      • Management Endorsement Matters
      • Build a Cross-Functional COE
    • Process Identification and Optimization
      • Identify a Business Goal/Problem
      • Redesign and Reimagine Processes
    • People and Change Management
      • Cross-Functional Collaboration Is More Important Than You Think
      • Focus Proactive Change Management
      • Think About New Roles and New Skills
    • Scalable Infrastructure
      • Scalable and Adaptable Technical Infrastructure Is Needed
    • Data and Model Life-Cycle Management
      • Pay Attention to All Aspects of Data
      • Think About AI Model Life-Cycle Management
      • Strong Security, Compliance, and Governance Will Create Trust

Learn More

  • Related Research
  • Synopsis
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