Throw out the old blueprint’s and embrace Artificial intelligence and machine learning.

A high percentage of companies are not utilizing AI or Machine learning effectively.

Artificial intelligence (AI) and machine learning (ML) have been a hot topic within the fintech industry for some time now. Over the last few years, we have had new buzz words and phrases emerge and they get bounded around at almost every seminar and conference, we are hearing about the rise of these emerging technologies and the potential they have to disrupt businesses.

For me, it is clear that AI and ML have a significant place within the financial services sector and specifically within FinTech however, we are still seeing slow adoption due to the lack of clarity on the potential impact on the business and customer outcomes.

Recently, there has been a great deal of conversation across multiple industries around the potential of these technologies, but according to research by Accenture, 87 percent of business leaders in the UK are struggling with how best to adopt it. Indeed, three out of four C-Suite executives believe that if they don’t scale AI in the next five years, they risk going out of business completely.

A small percentage of companies have moved from ‘hype’ to ‘practical implementation.’ Accenture believes this is less than 5 percent.

FinTech is well placed to create bespoke products and solutions using AI and ML which could be launched into a globally connected market, no longer is our Geographical location a barrier to entry or expansion.

Embracing the benefits of AI and ML

The global level of understanding around AI and ML is still relatively low however New Zealand I believe is well placed to be a country leader with some clear direction which we are starting to see.

The main focus still has to be around tangible business benefits and impact at the customer level.

Data has always been available however being able to extract, understand, articulate, commercialize to help accelerate the companies' day-to-day activities and processes have been slow due to complex legacy systems. Once we have a better handle on this we will be able to make smarter decisions and operate more effectively and present opportunities to increase growth and aid business development across the globe.

While COVID continues to be a global pandemic impacting every country around the world companies are struggling to scale AI because of cuts in R&D budgets.

It is precisely these aspects that differentiate companies that have successfully scaled AI and ML.

Unlocking data insights

The beauty of AI and machine learning lies in its ability to unlock data insights not previously accessible by traditional manual processes. It is also a business size agnostic. The business advantages of strategically scaling emerging technologies are vast; these companies achieve nearly twice the success rate and triple the return on their AI investments rather than those companies pursuing siloed projects.

Less get on with it

For businesses to harness the benefits of AI and machine learning, there needs to be a move away from an overhyped theoretical narrative towards practical implementation.

This reminds me of a boxing match, lots of hype so now we need less smack talk and start doing more, to embrace the business impact that AI and machine learning bring.

We are well placed here in New Zealand lets kick it out of the park yet again