{"id":16023,"date":"2021-05-12T12:04:54","date_gmt":"2021-05-12T12:04:54","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=16023"},"modified":"2021-05-12T12:04:54","modified_gmt":"2021-05-12T12:04:54","slug":"modernizing-banking-for-an-ai-future","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/modernizing-banking-for-an-ai-future\/","title":{"rendered":"Modernizing Banking for an AI Future"},"content":{"rendered":"<p>Artificial intelligence (AI)-based financial institutions are the wave of the future, providing the most intelligent value propositions delivered through compelling journeys and experiences. But creating such an institution requires a robust development strategy as AI-fist models can place tremendous demand on core technologies. To successfully move toward AI-first models, financial institutions would do well to learn from the experience of those already carrying out such transformations. Here are some key insights to keep in mind:<\/p>\n<ul>\n<li>Keep the strategy tech forward\n<ul>\n<li>Consider the factory model to build at scale, especially in fast-evolving and critical areas of transformation<\/li>\n<li>Consider insourcing differentiating capabilities, as determined by the eventual outcome(s) desired<\/li>\n<\/ul>\n<\/li>\n<li>Use modern APIs and streaming structures\n<ul>\n<li>Maintain rigorous documentation on integrations to ensure the transformation keeps moving forward<\/li>\n<li>Identify an anchor stack but experiment with others to support faster change while still exploring alternative approaches that may provide more benefits<\/li>\n<\/ul>\n<\/li>\n<li>Ensure core processors and systems are up to the task\n<ul>\n<li>Maintain an automation-first and fast-release posture to keep evolving and meeting market demands<\/li>\n<li>Consider a modern core for high-velocity areas to enable efficient rollouts of new capabilities while also enabling a modular build of financial products<\/li>\n<\/ul>\n<\/li>\n<li>Employ a data management approach for the AI world\n<ul>\n<li>Adopt a value-centric approach to building data platforms to take advantage of the fact that data and analytics platforms evolve over time<\/li>\n<li>Set up a lab and factory for analytics to quickly move through test-and-learn cycles<\/li>\n<\/ul>\n<\/li>\n<li>Make sure your infrastructure is also intelligent\n<ul>\n<li>Define an enterprise cloud strategy<\/li>\n<li>Established end-to-end visibility across the technology and infrastructure stack to monitor stack performance and quickly diagnose and resolve issues<\/li>\n<\/ul>\n<\/li>\n<li>Have appropriate cybersecurity measures\n<ul>\n<li>Identify the right perimeter design to safeguard against potential malicious attacks<\/li>\n<li>Design robust data-categorization and data-security safeguards to avoid critical customer-data combinations and comply with national data-protection and data-residency laws<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-16023 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 18th \u2013 26th January'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-18th-25th-january\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/01\/74dc1602-a3c4-4202-8f16-ccc25b57cb121-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15717\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15717'>\n\t\t\t\tBFC FinTech Monitor 18th \u2013 26th January\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (19th \u2013 27th October)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-19th-27th-october\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/10\/d67a1337-0418-23ed-ba90-9a998fd0f3141-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16404\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16404'>\n\t\t\t\tBFC FinTech Monitor (19th \u2013 27th October)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Competition to Serve SMEs\u2019 Financial Needs Growing'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/competition-to-serve-smes-financial-needs-growing\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/07\/d587cdde-d5d0-06ca-6285-222dbb94b4211-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-16196\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-16196'>\n\t\t\t\tCompetition to Serve SMEs\u2019 Financial Needs Growing\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Artificial intelligence (AI)-based financial institutions are the wave of the future, providing the most intelligent value propositions delivered through compelling journeys and experiences. But creating such an institution requires a robust development strategy as AI-fist models can place tremendous demand on core technologies. To successfully move toward AI-first models, financial institutions would do well to &hellip;<\/p>\n","protected":false},"author":12,"featured_media":16009,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16023"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=16023"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16023\/revisions"}],"predecessor-version":[{"id":16024,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/16023\/revisions\/16024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/16009"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=16023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=16023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=16023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}