AI and you
Perceptions of Artifcial
Intelligence from the EMEA
fnancial services industry
April 2017
AI and you | Perceptions of Artifcial Intelligence from the EMEA fnancial services industryExecutive Summary 1
What is Artifcial Intelligence 2
Seamless AI: the true challenge to humankind5
How far are we now 7
What’s new in FS world 14
Wrap up 18
Sources 19
Contacts 20
About us 21
AI and you | Perceptions of Artifcial Intelligence from the EMEA fnancial services industryLeaders of fnancial services institutions are concerned
and excited about the business implications of Artifcial
Intelligence. Firms across the globe are becoming
aware of the power of these technologies and are
now starting to explore how AI could enable them
to introduce new services to market, widening and
empowering their ofering, and to improve existing
business and operational capabilities.
In this paper, based on an EMEA FSI survey conducted
jointly by Efma and Deloitte, we aim at inspect the
industry sentiment about Artifcial Intelligence and
explore the possible and current applications that may
impact the industry, enhancing its productivity.
Using the insights and case studies from several frms
within the industry, this paper identifes what is shaping
AI thinking in Financial Institutions, the current state
of the industry and the actions that will be required to
understand and exploit this exponential technology.
Executive
Summary
AI and you | Perceptions of Artifcial Intelligence from the EMEA fnancial services industryArtifcial Intelligence (AI) refers to technologies capable
of performing tasks that normally require human
intelligence1. AI applications such as video suggestions,
product recommendations, spam flters and navigation
systems have already become part of our day-to-day
lives.
In 1950, Alan Turing envisioned AI as algorithms that
are able to emulate human intelligence. The frst AI
technologies were commercially available in the 1980s2,
although they are only now beginning to achieve
commercial relevance due to the exponential growth
of data and connected devices, smarter algorithms,
such as Deep Learning, and faster processing through
the use of Graphics Processing Units (GPUs) and cloud
computing.
AI can be described in terms of three application
domains: Cognitive Automation, Cognitive Engagement,
and Cognitive Insight.
1 Deloitte - 2017 Tech Trends
2 Deloitte University - Demystifying artifcial intelligence
3 Deloitte LLC framework
What is Artifcial Intelligence
Cognitive Insights
Cognitive
Engagement
Cognitive
Automation
Artifcial Intelligence domains3
Demystifying AI
AI and you | Perceptions of Artifcial Intelligence from the EMEA fnancial services industryIn this frst AI domain are machine learning, Robotics
Process Automation (RPA), and other cognitive tools to
develop deep domain-specifc expertise (for example,
by industry, function, or region) and then automate
related tasks. We are already seeing AI-powered
devices that automate jobs traditionally performed by
highly trained human workers.
Handwriting and character recognition are best
examples of intelligent automation capabilities which
can enhance back/middle ofce operations performing
high volume and rules based work helping to reduce
risk and cost. For example natural language processing
can be used to extract key information within
documents using OCR scan.
At the next level of the AI value tree lies the cognitive
‘agents’: systems that employ cognitive technology to
engage with people.
Cognitive Systems unlock power of unstructured data
(industry reports / fnancial news) leveraging text/
image/video understanding, ofering a personalized
engagement between banks and customers with
personalised product oferings and unlocking new
revenue streams.
The most common examples are the voice recognition
interfaces that answer to voice commands to lower the
thermostat or turn the television channel. Yet, there
are business tasks and processes that could beneft
from this kind of cognitive engagement, and new felds
of application are emerging. They will likely be able to
provide access to complex information, perform digital
tasks such as admitting patients to the hospital, or
recommend products and services. They may ofer
even greater business potential in the area of customer
service, where cognitive agents could potentially
replace some human agents by handling billing or
account interactions, felding tech support questions,
and answering HR-related questions from employees.
Focus on Cognitive
Automation
Cognitive Insights refer to the extraction of concepts
and relationships from various data streams to
generate personalized and relevant answers hidden
within a mass of structured and unstructured data.
Observations and predictions’ accuracy is improved
in time with the increasing volume of processed
data. AI can provide deep, actionable insights into
not only what has already happened but also what
is happening now and what is likely to happen next.
This can help business leaders to develop prescribed
actions and help workers augment their performances.
For example, in call centers around the globe, the
service representatives use multifunction customer
support programs to answer product questions, take
orders, investigate billing problems, and address other
customer concerns. In many such systems, the workers
must now jump back and forth between screens to
access the information they need to answer specifc
queries.
In summary, Cognitive Insights allow to detect real
time key patterns and relationships from large amount
of data across multiple sources to derive deep and
actionable insights.
Focus on Cognitive Insights
Focus on Cognitive
Engagement
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