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Oct 21, 2021
Like all businesses during the pandemic, banks and financial institutions are facing numerous challenges — one of the biggest being the increased difficulty in accurately predicting the evolution of their businesses when new patterns and indicators emerge daily in this volatile global market. The good news is that AI can make a notable difference for these organizations when facing such instability, not so much at the algorithm or model-level, but at the testing and validation level.
Oct 21, 2021
Financial services organizations are at a unique place and time in their evolution, as the potential for AI grows by the day. Across the highly regulated industry, banking is facing major challenges and must orchestrate a trusted view of data for compliance and operationalization to enhance performance, lower costs, improve scalability and reliability – to ultimately drive business transformation, growth, and a competitive edge.
But probably not with the accelerated schedule that COVID-19, national lockdowns and ongoing restrictions have required. And that has thrown into sharp focus some of the barriers the banking sector faces.
The once-pioneering systems on which Banks are built now present significant challenges in achieving digitalisation, developing customer propositions that are fit for purpose and applying best practices. But what’s the answer?
The European Commission, through its Data Strategy, has set a goal to build a Single Market for Data in Europe – an open data economy. It has also made fostering a data driven financial sector one of its priorities, including a commitment to present a proposal for a new Open Finance Framework by mid-2022.
This new context demands agility of traditional FIs’ legacy systems which proves a challenge in and of itself. In efforts to avoid ‘big bang’ or ‘rip and replace’ style transitions for core banking structures, banks are leaning on the services offered by fintechs as a workaround to the new demands being made of them.
The role of risk: Real-time forward-looking measurement of climate change and nature loss to address transitional and physical risk.
What are the issues and opportunities for risk management working with alternative data to inform credit decisions? How can these decisions be quantified against physical and transition risk?
Finance leaders know they must enable digital transformation across their organizations. The key is to determine which technologies and skills the enterprise needs, and how to get them. Join this complimentary webinar as Gartner experts explore how CFOs should tackle the talent and technology challenges that will determine the success or failure of their digital transformation ambitions.