Activating Intelligence in Financial Services


ByWilliam Genovese

May 16, 2019

William Genovese

Welcome to Part 3 of my vlog series on how artificial intelligence is disrupting financial services. Below I’ve also explained our vision, sector evolution, and application of AI in financial services arena.

Vision: Use and apply Artificial Intelligence as an embedded technology along with Digital, Mobile, and Open Banking Platform Delivery Models (IaaS & PaaS) to deliver next-generation, intelligent personalized digital financial services from any digital access point for the financial services industry across and available our business lines of Consumer, Carrier, Enterprise Business, and Cloud.

The evolution of financial services: As digital intelligent correlated and converged connectivity becomes more prevalent, so does the consumption of digital financial services. They will move from a product consumption base to tailored services based on consumer experience and lifestyle to ubiquitous, embedded services available in our lives – anytime, anywhere from any digital access point. AI will play a key role in this starting with facial recognition and advanced biometrics in the front-end for access, authentication, and authorization and in the back-end for information transmission and processing.

AI is applied as a key embedded technology to grow digital maturity through digital services for our customers as well as our own organization. The diagram below illustrates how AI, along with Digital and Mobile Banking and Open Banking Platforms will further propel our growth in the industry. It also shows the “What” and “How” for building next-generation digital services through the industry delivery model cloud platforms leveraging AI, Digital and Mobile Banking, Open Banking, and other technologies.

We will move from a cost leadership strategy to one that is focused on differentiation to leverage AI converged with other technologies, as “digital accelerators” for the biggest impact to deliver next-generation financial services that are ubiquitously available starting with payments and leveraging facial recognition and AI. We will analyze the competitive marketplace for the most common next-generation delivery model “stacks” as follows, and identify why, where, and how AI is being used in each of these for the greatest impact. We will then map our existing core portfolio to the business models and further develop E2E Digital Payment services leveraging AI for the chosen delivery models. This will further develop a differentiated strategy for us—especially in emerging markets that can leverage the smartphone, where we already have AI on the edge in our devices.

So, what are some of the most common applications of AI in Financial Services?

  1. Automating risk management

  2. Digital ID – Tiered Authentication and Authorization

  3. Managing customer data

  4. Predictive analytics

  5. Real-time analytics

  6. Fraud detection

  7. Consumer analytics

  8. Credit Risk scoring

  9. Algorithmic trading

  10. Deep personalization and customization

Disclaimer: Any views and/or opinions expressed in this post by individual authors or contributors are their personal views and/or opinions and do not necessarily reflect the views and/or opinions of Huawei Technologies.

Leave a Comment

Posted in AI Posted in AI
Published by

William Genovese

VP, Corporate Strategy Planning & Research, Banking & Financial Markets. Based in Huawei's Shenzhen HQ, Bill is a thought leader in Fintech & how ICT is shaping the sector.

View all posts >