“Not a Water Slide”: Turning AI into ROI

BAI Banking Strategies hosts Daniel Faggella, founder and CEO of Emerj, on their newest podcast entitled TURNING AI INTO ROI.

It’s an interesting and fast-moving 15 minutes. BAI had proclaimed AI their trend of the year for 2018, and show so signs of moving the title elsewhere for 2019.

One of the salient points Mr. Faggella makes is that emerging AI — which is slow moving, “not a water slide” — will mean changing roles for bank personnel. That can mean anything from shift from doing manual processes to overseeing the technology that enables them. Faggella, who gave a TED Talk entitled “Job security in the age of artificial intelligence,” suggests that is you want to secure a place in the new AI space, master the new technology and have more than one area of focus.

Some takeaways, direct from the podcast:

Number 1: Looking at the known use cases of close to 30 banks worldwide conversation interface customer service is always front of mind but so our expanded capabilities. Expect to see more AI movement in risk forecasting, monitoring data and analysis, as well as process automations.

Number 2: On the manual labor front anyone with a low context job will pivot from manual processes to overseeing the technology that replaces them. Those who input and output information will see and experience a shift yet master new technologies in machine learning that work with loan paperwork, for example.

Number 3: In AI applications, asking “what’s the best tool to deliver a result” must trump the general question of “what can we do with AI?” Frankly, it’s a roll-your-eyes proposition that wastes time for banks and vendors. Instead, look at specific problems that specific solutions can address and tackle.

OrboGraph is well into its movement to operationalize AI and self learning in check processing as part of our initiative of platform modernization for our banking customers. Join us on May 20-21, 2019 in Charlotte, NC at the 2019 Healthcare and Check Payment Technology Conference where we will be taking a deep dive into how these technologies revolutionize check processing and fraud prevention.

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