Contributed by Pure Storage
The golden age of AI is here.
Financial institutions face new challenges and new digital-native competitors. AI and machine learning can be the key to generating more revenue, reducing costs, and enhancing customer experience while ensuring data protection and compliance. As a result, an unfettered, gold rush mentality has taken hold as organizations look for countless ways to deploy AI.
But while AI and ML have endless—and lucrative—applications in financial services, the AI opportunity doesn’t come without challenges. Ensuring that actual results match expected outcomes and that investments result in returns is vital. Here are just a few of the challenges you should be aware of as you establish an AI strategy.
- Proof of Concept Purgatory One of the most common complaints regarding AI is the difficulty in moving from modeling to ROI. Time and resources are wasted, and the business is deprived of insights, when projects fail to see the light of day. Executives may also become frustrated and disillusioned, leading to valuable AI projects ending up in the scrap heap.
- Supporting Data Scientists Without the proper infrastructure, data scientists spend time being data shepherds. Left unaddressed, valuable resources are underutilized and the business is deprived of higher-order insights.
- Managing Resources The advent of the public cloud has been a boon to the development of AI opportunities and capabilities. But, if not used wisely, these same resources and tools can quickly lead to spiraling costs without the business outcomes to justify them.
Successfully leveraging AI’s capabilities requires you to address practical barriers and challenges. This means understanding not only your business challenges but identifying the optimal technology for each task and how to deploy it.
In our whitepaper, “Shaping the Future: Artificial Intelligence for Financial Services,” we examine key use cases that hold particular promise for AI in the financial sector and how to address the unique set of challenges.
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