The banking and fintech industries are currently navigating a transformative period, characterized by the rapid adoption of artificial intelligence (AI) to enhance operational efficiency and customer satisfaction. The urgency to adapt to a digital-first environment has become more pressing for traditional banks, which struggle with outdated legacy systems, while financial technology firms often grapple with issues related to compliance.
Speaking to the Global Banking & Finance Review, a representative from Intelygenz, a global leader in purpose-built AI solutions, highlighted the company's mission to assist banks and fintech companies in balancing the dual demands of stability and agility. Intelygenz has positioned itself at the intersection of these two sectors, seeking to facilitate smooth integration of advanced AI technologies while ensuring measurable returns on investment (ROI) for its clients.
The financial sector has faced considerable disruption in recent years, with rising consumer expectations for speed and personalization in service delivery. Traditional banks find it increasingly challenging to meet these demands, while fintech companies, although highly agile, often lack a solid regulatory compliance framework—essential for long-term sustainability in the industry.
Statistics underline the challenges facing AI initiatives, noting that a staggering 85% of AI projects fail to transition from development to production. The failure to execute often stems from inadequate change management strategies, resulting in significant resource expenditure without tangible outcomes.
In response to these barriers, Intelygenz emphasizes the importance of delivering measurable ROI from the outset of any project. Through a combination of advanced technology and rigorous testing, the firm ensures that each AI initiative aligns closely with defined business objectives. A case study highlighted by the company details how a bank seeking to improve marketing efforts witnessed a remarkable 736% increase in ROI alongside a 43% reduction in operational costs after implementing an AI model created by Intelygenz, specifically designed to match products with suitable customers.
Moreover, the firm has addressed operational inefficiencies within banking call centres. By implementing AI-driven prioritization and automation solutions, one global banking client saw a 95% improvement in prioritization accuracy, complemented by an 89% enhancement in call-forwarding efficiency.
Central to Intelygenz's successful outcomes is their collaborative approach. Unlike some technology firms that adopt a more hands-off stance post-deployment, Intelygenz integrates closely with client teams throughout the process, ensuring knowledge transfer and capacity building for sustainable growth. This approach fosters smooth transitions from concept to production.
One illustrative example involves a newly established bank dedicated to serving freelancers and small businesses. Intelygenz provided the bank with bespoke tools aimed at enhancing customer personalisation and streamlining operational processes. Consequently, these innovations enabled the financial institution to carve out a niche market and build a loyal customer base.
In another scenario, Intelygenz assisted a major banking entity in clarifying the objectives surrounding an AI initiative, identifying use cases that led to a 30% increase in operational efficiency.
Intelygenz’s commitment to human-centric technology is noteworthy. The firm focuses on developing AI solutions that are not only effective but also intuitive and trustworthy, prioritising the end-user experience. This approach is particularly critical in sectors such as banking, where trust and security are paramount.
Under the leadership of President Chris Brown, who brings over 20 years of experience in the tech industry, including more than a decade focusing on AI, Intelygenz has emerged as a pioneer in AI and deep technology. Brown leads an expert team dedicated to crafting tailored solutions across various sectors, including banking, e-commerce, and healthcare.
In the coming year, Intelygenz aims to expand its influence within the financial services sector while exploring potential applications of AI in additional industries. The company is dedicated to making banks as responsive and customer-oriented as fintech firms, while simultaneously instilling stability and compliance in fintech operations akin to traditional banking practices. Through its commitment to robust AI integration, Intelygenz positions itself not merely as a service provider, but as a results-driven partner for businesses ready to harness the transformative power of artificial intelligence.
Source: Noah Wire Services