The AI Book

CHAPTER 3Getting to Day Zero: Let’s Get the Foundation Right

By Matt Allan¹

¹Founder, Fintech Sandpit

Artificial intelligence (AI) is new, exciting…and difficult. McKinsey & Co estimates the technology will generate $13 trillion of revenue over the next decade, affording global GDP over 1.2%.¹ New use cases consistently promise not only efficiency improvements but also deeper experiences for customers. However, the road to AI adoption is windy, unmarked and filled with potholes of resistance. Herein lies the root of the problem. Banks have traditionally placed themselves at the centre of their own universe, while the customer came second. The customer only had access to the bank during opening hours, and always had to play by the bank’s rules. This is incompatible with a successful deployment of AI, which requires an obsession with customers, their data and its quality.² Many banks are missing fundamental aspects of reliability, scalability and security within their existing architectures, and yet are committing to build AI systems that promise to be reliable for customers, adaptable for the future and secure for data. We must grow legs before we can crawl, walk or run, and banks must create a firm digital foundation before they rush to deploy AI. This chapter teases out some of the challenges that firms must overcome and the opportunities available to maximize the value of artificial intelligence.

Challenge 1: A House Built on Sand

As customers began to demand new forms ...