Trends Within BFSI

Artificial Intelligence 2020 Update

Artificial Intelligence 2020 Update

The AI 2020 Update is a refreshed look at our acclaimed AI2020 Report that the AI & Intelligent Automation Network produced last year. The AI & Intelligent Automation Advisory Board reviewed the questions asked in 2018 and delved deeper into the mindset of the corporate enterprise AI practitioner as we made our way into calendar 2019.

As you’ll see in the demographics – our audience is pretty evenly segmented around the globe and per industry. The AI & Intelligent Automation Network however is not evenly distributed in job function. We have an extremely senior-level group. Nearly a quarter (23.3%) of the AIIA Network is C-Level. 69.9% of AIIA is Director-level or above. There are some clear themes of the results:
1. Culture is the biggest challenge and opportunity
2. Predictive Analytics is a clear focus for global corporate enterprise
3. Linking initiatives to ROI is a focus but it’s still difficult to clarify

Global corporate enterprise AI practitioners are clearly still dealing with infrastructure issues related to talent and technology. End-to-end processes remain stubbornly carbon-based. Rule-based automation is truly not yet globally scaled across the majority of organizations. And yet, the AI & Intelligent Automation Network members went from 21%, having deployed Intelligent Enterprise solutions to over 44% in just one year’s time.

The stated goal for deployment is just under 83% by the end of 2020. Considering the fact that they’ve essentially got two years, and those ranks have doubled in one year – doubling again in two years is achievable. Incidentally, that same number was only 67% a year ago.

Global corporate enterprise is in fact slowly but surely transforming into the intelligent enterprise of tomorrow. Having said that, it will be more difficult for the roughly 50% of institutions who would like to be established, globally scaling or refining their scale program in AI by the end of 2020, to actually achieve that status.

The State of Automation in 2019: RPA, AI & Intelligent Automation [Futurum Research]

The State of Automation in 2019: RPA, AI & Intelligent Automation [Futurum Research]

This Futurum Research report is based on a 2019 quantitative study of 1,000 businesses in North America, varying from smaller organizations (fewer than 500 employees) to the enterprise (50,000 or more employees. The purpose of this study was to identify current and future trends in investments, deployments, and attitudes relating to automation adoption, including Robotic Process Automation (RPA), Artificial Intelligence (AI), and Intelligent Automation (IA) as they exist today, what we expect in the next 12 months, and what we see looking forward to 2025.

View the report to explore:

  • The current state of automation adoption across a breadth of industries and organizations of all sizes
  • Investment and adoption intent for the next 12 to 24 months
  • Key motivating factors for automation technology investment
  • Common challenges currently preventing some organizations from moving forward with more sophisticated automation deployments
  • Best practices guidance for organizations either contemplating or already engaged in incorporating RPA, AI-based solutions, and Intelligent Automation solutions into their business operations
  • And much more!
SSON's Intelligent Automation Global Market Report 2019 (H2)

SSON's Intelligent Automation Global Market Report 2019 (H2)

From Task Automation to Intelligent Automation: Crossing the Data Chasm

Today's demand to add intelligence to automation requires intelligent process orchestration and the ability to utilize highly advanced intelligent services in the cloud – such as NLP, OCR, OIR, and NLG. SSON's H2 Intelligent Automation Global Market Report is the sixth in the series of IA reports and will provide you with an overview of strategies that deliver truly intelligent automation.

Download the new report to explore:

  • Expanding from process fragments to upstream/downstream
  • Ambitious objectives emerging to perform end-to-end process automation
  • Why a data strategy should lead an automation strategy (but why it's not happening yet)
  • How to drive smart automation
  • Market insights with an evaluation of 'data readiness' 
  • New data requirements to drive smart automation
  • The advantages and challenges of the monolithic (single platform) vs. the best-of-breed (technical alliance partnership) approach
  • "Big" data challenges vs. "big data" challenges
  • And much more!

The key to intelligent orchestration and decision-making lies in Machine Learning. Success, however, depends on the ability to tap vast quantities of unstructured data that contain the content and the context of the work to be done. Download the report to uncover the latest IA insights.

A Quick Guide to BFSI AI & Intelligent Automation

A Quick Guide to BFSI AI & Intelligent Automation

Brick and mortar institutions are being replaced by the ease and convenience of connected devices. Gen-Zers are growing up, getting jobs, and spending money. To remain relevant in the eye of today’s consumers, Banking, Financial Services and Insurance (BFSI) brands are deploying AI solutions to meet their customers where they are. By making customized recommendations, speeding up timely processes, and securing customer data, legacy enterprises and startups alike are maintaining relevance in this new era of technology.

View this new article to find out how:

  • AI is changing the customer experience in BFSI
  • AI is changing mid and back-office in BFSI
  • AI is changing security and compliance in BFSI


Q&A with Mili Kapur, Corporate VP for Change Management at New York Life Insurance Company

Q&A with Mili Kapur, Corporate VP for Change Management at New York Life Insurance Company

We sat down with one of our expert speakers, Mili Kapur, Corporate Vice President for Change Management at New York Life Insurance Company, for a sharp Q&A on reducing internal resistance to change, onboarding ML, engaging key stakeholders to ensure leadership alignment and much more!

Questions discussed include:

  • What are your responsibilities at New York Life?
  • How can a united organizational vision of the future of work be communicated to reduce internal resistance to change?
  • ML requires software to be taught, but as leaders are we being patient with the learning process? How can we expect and anticipate a more understanding ML implementation process?
  • What one project has been your single biggest lesson and what did you learn?
  • In your crystal ball, what do you expect to occur in BFSI in the next 5 years?
  • Without giving too much away, what is one piece of advice you hope attendees walk away with from your workshop?
The IA Global Market Report: How to Manage Change so Automation Sticks

The IA Global Market Report: How to Manage Change so Automation Sticks

Lack of effective change management is one of the leading causes of RPA 'failure.'

Despite this, change management is still woefully neglected in automation implementations. That's why this report examines the critical requirements in supporting change across IT, Business Process, and Organization & People – some of which are not intuitive and others frankly unique. 

Download your guide on how to effectively support digital transformation here.

The Next Wave of Transformation: Intelligent Process Automation (IPA) Use Cases for Banking, Financial Services & Insurance

The Next Wave of Transformation: Intelligent Process Automation (IPA) Use Cases for Banking, Financial Services & Insurance

Gartner calls it hyper-automation, but other names include connected RPA and Intelligent Process Automation. Whatever you call it, combining RPA with more advanced computing tools has the power to rapidly deploy and scale automation through out your organization. When McKinsey cites reductions in straight through processing time by 50-60% and the automation of 50-70% of tasks for companies that have utilized an IPA framework, it’s time to explore how your organization can benefit!

This new industry-leading infographic covers the key benefits of intelligent process automation (IPA) with use cases of the technology in action within banking, financial services, and insurance. Organizations are actively using IPA to transform the customer experience, gain clarity over end-to-end process, develop new platforms, and win over senior leadership, all at a dramatically lower cost. But organizations are only scratching the surface of what's possible today – so stay ahead of the competition with IPA!

AI in the Banking Sector with Milind Nagnur, CIO at Wells Fargo

AI in the Banking Sector with Milind Nagnur, CIO at Wells Fargo

We spoke with one of our 2019 keynote speakers, Milind Nagnur, Chief Information Officer in the Enterprise Information Technology group at Wells Fargo. View this exclusive Q&A to uncover the latest AI happenings within banking and more specifically:

  • The largest challenges CIO's face today
  • How to go about deciding which tech to adopt next
  • An outlook on the future of IA in banking and finance
  • How Wells Fargo adapts to technological advances in AI to remain competitive
  • And much more!



Using AI to Reduce Money Laundering & Ensure Regulatory Compliance (Video)

Using AI to Reduce Money Laundering & Ensure Regulatory Compliance (Video)

In this video, find out how 2019 speaker Myles Edwards, CCO and Counsel to Global Financial Firms, uses artificial intelligence to reduce laundering and ensure regulatory compliance. You'll also get to hear the answers to the following questions:

  • What are the risks that you consider when implementing AI?
  • How do you decide which programs (or technologies) to utilize?
  • What kind of AI programs have you implemented at your company?
  • Do you think that customers and clients are comfortable with banking and insurance companies using AI?
  • Do you think customers would rather talk to a human or a bot when it comes to needing financial assistance?
  • How are you using AI to enhance customer relations?
  • What do you think the future of AI is going to be in the finance industry?
  • What are your thoughts on robo-advisors?


AI in the Insurance Industry with Mark Martiak, Wealth Strategist, Premier Wealth Advisors

AI in the Insurance Industry with Mark Martiak, Wealth Strategist, Premier Wealth Advisors

We spoke with one of our 2019 speakers, Mark Martiak, Senior VP, Wealth Strategist and Financial Advisor at Premier Wealth Advisors. View this exclusive Q&A to uncover the latest AI happenings within BFSI industry and more specifically:

  • How Premier Wealth Advisors is utilizing AI
  • A few thoughts on robo-advisors in the BFSI world
  • How customers and clients feel about banks and insurance companies using AI
  • The advantages of using AI in wealth management
  • An outlook on the future of IA
  • And much more!

A Collection of Presentations from 2019

A Collection of Presentations from 2019

In preparation for Intelligent Automation for Banking, Financial Services and Insurance 2020, we wanted to share these exclusive past presentations with you. Inside you will find expert content on:

1. ELIMINATE FALSE STARTS & MISSTEPS ALONG YOUR IA JOURNEY WITH AGILE PRINCIPLES

  • The benefits of “bot building”, program roll out, and continuous management utilizing Agile principles
  • Learning as you go, fixing along the way, and improving as you move forward
  • Building an effective Agile roadmap to ensure IA program success

Michael Edmonds, Robotics Process Automation Manager, Farmers Insurance

2. CASE STUDY: UTILIZING CONTINUOUS IMPROVEMENT AND AGILE METHODOLOGIES WHEN DEPLOYING BOTS AT VOYA FINANCIAL

Building an effective bot program is a hurdle for many shared services stakeholders. Voya Financial found a path that worked for them by using and developing an agile roadmap and by focusing on continuous improvement. Using these principles it is possible to deploy your own bots that are focused on your organizations needs. In this presentation, you will:

  • Examine a case study of how to roll out a bot program
  • Explore the incremental improvements that can be made to deploy bots quickly
  • Identify strategies for learning as you go and fixing problems as they are experienced

Jeff Machols, Vice President, Head of Continuous Improvement Center, Voya Financial
Kellie Tickell, Assistant Vice President, Intelligent Process Automation, Voya Financial


3. ENSURING IA PROGRAM SUSTAINABILITY BY PROVIDING YOUR AUDITORS & CONTROLLERS WITH WHAT THEY NEED FROM YOUR IA TEAMS

  • How to best document your IA initiatives and activities for your Auditors/Controllers
  • Best practices in audit requests, document and information reporting and much more
  • Your Controllers/Auditors’ role in ensuring you’re on top of data security that may be affected by IA programs

Tom Dixon, Senior Vice President - Senior Program Manager, Citizens Bank

Banking on Artificial Intelligence

Banking on Artificial Intelligence

This report covers the key opportunities, challenges, and risks AI presents to the BFSI industry. Uncover how the role of technology is increasing efficiency, improving customer engagement and reducing costs in present day.

 AI presents BFSI organizations with the opportunity to curb the growing avalanche of data. Many established players in the banking, financial services and insurance (BFSI) industry are grappling with the challenges presented by nimble digital-led competitors disrupting traditional areas of their businesses. The message, for those who’ve chosen to listen, is loud and clear: the artificial intelligence revolution is here— disrupt or be disrupted.

AI & Intelligent Automation State of the Market

AI & Intelligent Automation State of the Market

It has become increasingly clear that corporate enterprise practitioners must scale intelligent automation.This intelligence report discusses what you can do right now to transform your enterprise - before your competitors surpass you.

Topics covered within include:

  • Re-engineering the enterprise through metrics
  • 5 step-changes to digital transformation
  • Dealing with your carbon-based workforce
  • Automation scaling up will come through agile transformation
  • Dark data to democratize your digital transformation
  • Metric methodology which informs the IA enterprise
  • And much more!