- To better understand the AI revolution in business, Salesforce Research compiled insights from previous studies, capturing input from 10,800 respondents from sales, services and marketing leaders and 7,000 consumers and business buyers around the globe.
- AI steps into the business strategy spotlight: while a minority of businesses currently use AI, interest in the technology (machine learning, deep learning, natural language processing, smart data discovery, etc) is pervasive and planned adoption is strong.
- AI use cases span sales, service, and marketing: AI has the potential to become as ubiquitous as electricity or cloud computing.
- All lines of business are starting to view AI as technology that can improve customer engagement, improve employee productivity and ultimately accelerate digital transformation and business growth (revenue).
- The power of AI is the ability to gain more knowledge from data, and to augment sales, service and marketing intelligence to help accelerate and bolster a company’s ability to improve stakeholder (employees, partners and customers) performance and experience.
Artificial Intelligence (AI) could double annual economic growth rates by 2035. – Accenture
According to Accenture, In five years, more than half …
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- One third of banking executives participating in a study said that marketing owns the end-to-end customer relationship, but only 14% feel that marketing should own their institution’s digital strategy.
- As financial institutions look at how best to adapt their current practices to meet the needs of customers across an expanding array of digital channels, banking executives look for insights to inform their digital transformation strategies.
- With 87% of the financial institution respondents saying that technology is intrinsic to digital transformation and must be considered in tandem with strategy, it’s a natural fit for CIOs to lead the way in vetting and implementing the technical platforms and solutions that will form the backbone of an organization’s digital strategy.
- Still, a financial organization that can establish a culture free of silos – and carry out effective digital transformation quickly and successfully – will certainly earn itself an effective competitive advantage and be able to deliver a differentiated level of customer experience.
- By incorporating advice from other industry leaders and fostering a company culture ready to embrace cooperation alongside new technology, financial institutions can best execute the digital transformations necessary to keep pace and potentially stand out in their industry.
Two out of every five financial institutions say they are only in the infancy of their digital transformation strategy.
Continue reading “Digital Transformation in Banking: Making Progress and Hitting Roadblocks”