Breaking the Cycle: Proof of Value in the Age of AI
Hi there, it's Joseph! I'm glad you're here for the monthly scoop of my newsletter. Every month, I zoom in on industry-shaking developments in AI, treating you to sharp insights as if chatting at a mini keynote. Also, we'll look in-depth at the real estate scene, focusing on a straightforward market report. Ready to jump in? Here we go!
If you’re not a subscriber, here’s what you missed previously:
Subscribe on LinkedIn
AI Industry Focus: AI in Banking Innovation
As artificial intelligence (AI) continues to reshape industries, many companies, including those in banking, find themselves stuck in traditional methodologies like Proof of Concept (PoC) and Minimum Viable Product (MVP). While these stages are crucial for initial validation, the rapid evolution of AI demands a shift in focus. Banking institutions that linger in these early phases must catch up as competitors leverage AI to accelerate product development, automate processes, and personalize financial services.
As I wrote in my earlier article Beyond Prototypes and Products: The Rise of Proof of Value in Innovating for Impact, the focus must shift towards Proof of Value (PoV) and a strong value proposition to stay competitive. PoV emphasizes demonstrating a product's tangible benefits, not just its feasibility or minimal viability. For banks, this means ensuring that new technologies work, provide measurable value to customers, and align with strategic business goals, such as improving customer satisfaction, reducing operational costs, or enhancing security. Is your bank prioritizing the value AI-driven solutions bring customers, or are you still focused on proving feasibility without clear long-term benefits?
AI "Mini-Talk": Insights from Industry Experts
Industry experts agree that AI's influence rapidly changes the traditional product development lifecycle. They emphasize that while PoC and MVP have their place, the future belongs to companies that can harness AI to focus on value creation. Proof of Value (PoV) is becoming increasingly critical as it shifts the focus from mere functionality to the real-world impact and benefits a product provides. For banks, this could mean using AI to enhance fraud detection, optimize loan approvals, or personalize customer interactions at scale. How is your bank ensuring that AI implementations translate into real-world value for your customers and not just into functional prototypes?
Moreover, experts highlight the importance of adopting a "Fail Fast" mentality in this AI-driven landscape. Failure is seen as an essential part of the learning process, allowing companies to refine their strategies and enhance their value propositions rapidly. In banking, this approach could mean quickly iterating on AI-driven customer service tools or risk management systems to better meet regulatory demands and customer needs. Is your bank embracing failure as a learning opportunity to quickly pivot and refine your AI strategies, or are you cautious to a fault, potentially stifling innovation?
领英推荐
Real Estate Industry Trend
The July 2024 Corcoran Report offers critical insights into the high-end real estate market, focusing on properties with last asking prices over $5 million. It highlights trends such as price adjustments from original listings and the varying speed at which these luxury units sell. The report also notes that some properties were marked as "contract signed" without being publicly listed, influencing the reported days on the market. This data provides a snapshot of market dynamics, which is crucial for understanding the current state of luxury real estate.
These insights are invaluable for banks, particularly in mortgage lending and private banking. They can help refine risk assessments, guide client advisory on property investments, and inform portfolio management strategies. The fluctuations in luxury property prices and market liquidity are particularly relevant for managing real estate-backed loans and high-net-worth client portfolios. Is your bank effectively using market data like this to stay ahead in the luxury real estate sector and offer targeted financial solutions?
Don't hesitate to contact me if you want a copy of the July 2024 Corcoran Report—I’d be happy to discuss it with you.
Call to Action: Join the Conversation
We invite you to join the conversation about the future of AI in Banking Innovation. Share your thoughts and experiences with AI in your professional practice, and engage with other industry professionals to exchange ideas and insights. Follow us on social media, participate in our upcoming webinars, and stay tuned for our latest updates. Together, we can explore the exciting possibilities that technology brings to the real estate industry and shape the future of our field.
Joseph Ng
LinkedIn: Joseph Ng
Newsletter: ai-gorithms
Corcoran - SoHo: Joseph Ng