Shaping the Future: AI for Financial Services

  • By digitaldiary
  • in , ,
  • on September 7, 2021

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.

About Pure Storage

Turn Bottlenecks into Breakthroughs

Rely on Pure’s Modern Data Experience™: innovative, cloud-ready solutions and the best experience in technology to transform data into powerful outcomes. Rely on Innovation Leadership: Pure has been a pioneer, from the all-flash data center to the most modern data-protection solutions and the Evergreen™ subscription model. Get Set, Get Cloud Ready: Pure offers everything-as-a-service for flexible consumption and cloud economics. Simple cloud mobility lets you seamlessly extend your data services into the cloud. Get the Best Experience: Pure delivers simple setup, effortless operations, and expansive integrations. But it’s the white-glove treatment of customers and partners that really sets Pure apart.

Leave a Reply

PUBLISHED BY digitaldiary

View all posts by digitaldiary

Related Posts

Healthcare

Adam Myers, SVP and Chief Clinical Transformation Officer (CCTO) for the Blue Cross Blue Shield Association (BCBSA) Keynotes our Healthcare Providers and Payers Transformation Assembly

The Millennium Alliance is proud to announce Adam Myers will help start the 2022 season off strong with a keynote address at our upcoming Healthcare Providers and Payers Transformation Assembly on April 19-20. Myers is currently the SVP and Chief Clinical Transformation Officer (CCTO) for the Blue Cross Blue Shield Association (BCBSA), driving clinical transformation […]

#MillenniumLive , Healthcare , Interview , Podcast

#MillenniumLive on Patient Care Coordination with WellSky

#MillenniumLive welcomes Andy Eilert, President of Emerging Markets at WellSky. Andy joins us to chat about investment and growth in the healthcare payer space, care coordination at home, and WellSky’s industry-leading technology that’s enabling caregivers across the continuum. Watch the video interview below, or listen on Spotify, Apple, Amazon Music, Google Podcasts, or SoundCloud. About WellSky WellSky is a technology […]

CIO , Data

Jason Gislason, Chief Digital Officer at Chevron Phillips Chemical Company, Keynotes Our First Assembly of 2022!

The Millennium Alliance is proud to announce Jason Gislason will help start the 2022 season off strong with a keynote address at our upcoming Digital Enterprise CIO & Data Transformation Assembly on February 8-9, 2022. Gislason, currently the Chief Digital Officer at Chevron Phillips Chemical Company, has dedicated over two decades to transforming the Chemicals and […]

CIO , CISO , CMO , Data , Financial Services , Healthcare , Millennium Staff , Retail

Co-Founder of The Millennium Alliance Joins Young Presidents’ Organization (YPO)

NEW YORK – January 20, 2022 – The Millennium Alliance, an invitation-only organization for Senior-Level Executives and Business Transformers, has had the privilege over the past eight years of collaborating with many of the most accomplished C-Suite executives from across the globe. Millennium is excited to announce that its Co-Founder Alex Sobol is one of the newest […]

Lovin’ Digital Diary?

Premium content to our readers interested in all things business.

Check Us Out!

Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.

About Millenium Alliance Next

About Digital Diary

Created to provide premium content to our readers interested in all things business.

Launched in 2017, Digital Diary was created to provide premium content to our readers interested in all things business. With our blogs catered to deliver the top news stories, trends, and interviews from across all industries.

Read all story Next

Millennium Alliance Membership

Learn More Next

What does it mean to be a Millennium Member? In the midst of the constant disruption across all industries, our members are given the tools they need to digitally transform their organizations and become the best leaders they can be. Millennium Members are provided the exclusive opportunity to attend our 40+ intimate in person and virtual Assemblies, take part in industry-leading Executive Education sessions conducted by the nation’s leading academic institutions, business leaders, and technology providers and receive industry leading content through our Digital Diary Platform as well as the rapidly growing #MillenniumLive Podcast Series.