February 17, 2017

Crossing the AI Chasm for Financial Services

Every day brings another exciting story of how artificial intelligence is improving our lives, and using AI to better manage our money is a hot topic. Financial institutions are trying to figure out how they can incorporate AI into their customer engagement architecture, but the chasm between cool demos and real projects is very real, as illustrated nicely by Simon Chan.

Speaking of AI in the context of the chasm, it’s good to remember the bowling alley strategy suggested by Geoffrey Moore in the original Crossing the Chasm. It will take time for the financial industry to reach the holy grail of AI, but those that are looking to cross the chasm would be better served by narrowing the scope of their AI solution to a specific domain. In the meantime, as we work our way up the AI development slope, building customer trust is a key component. Financial institutions must deliver solutions that instill customer trust in the data presented to them, the value it can generate for them, and most of all the motivation of their financial institutions.