2019: The Year of Artificial Intelligence
With so many rapidly emerging technologies like artificial intelligence (AI), cloud-based services, and blockchain, it can be daunting to try to keep up with the pace of technological change. But as these technologies become more widely available and cost effective, companies will be under increasing pressure to adopt them.
The integration of new technology isn’t just a matter of buying applications and services off the shelf and flipping a switch. It often has a significant impact on the way companies do business – from shifting the way they deploy human capital to changing the products and services they provide. For example, AI allows companies of all sizes to streamline their interactions with customers (through the use of chatbots and virtual assistants), collect and analyze large quantities of data, and handle backend logistics much more efficiently.
Just this month at Symphony’s Innovate 2018 conference a number of technology and financial services providers showed off their latest efforts with AI, Machine Learning and Robotic Process Automation (RPA). One particularly noteworthy example was from Google Cloud, showcasing how Machine Learning and AI together with Big Data can create a dynamically updated profile of high-performance traders. Fed by Biometric data from wearables, video feeds and text analysis, the future of performance tracking is something that previously would only have been imaginable in science fiction movies.
And, with evolving technologies come changing consumer preferences and behaviors. Just think about the rapid change we’ve seen in the Payments space: ten years ago it was hard to imagine paying a friend or a neighbor without ever touching a piece of paper – whether it be a cash bill or a check. PayPal was your best option for digital payment if you didn’t want to deal with the hassle of exchanging routing and account numbers for bank accounts – and even PayPal could at times be a daunting process! Today, driven by consumer demand and the emergence of Challenger FinTechs, we’re seeing the proliferation of the exact technologies consumers want – Venmo, Zelle, Apple Pay, Google Pay, etc.
The emergence of AI is just one of many dramatic technological shifts we’re witnessing – from 5G coverage on our smartphones to augmented reality. By following these trends and mapping their effects into the future, companies will be prepared to make the internal changes necessary to take full advantage of the ongoing digital transformation.