Artem Lyashanov explains how AI is changing the priorities of banks’ digital transformation
Over the past decade, financial institutions have invested enormous resources in digital transformation: new channels, new technologies, new customer engagement tools. Customer data is now more abundant than ever. But, as Artem Lyashanov notes, most banks and credit unions still struggle to translate this data into action. More data doesn't mean more value. Many financial institutions today are sitting on a vast array of customer data, but a chasm still exists between accumulating information and making concrete decisions based on it, says Artem Lyashanov. He cites an argument that explains this gap structurally, rather than as a lag in individual banks: The growth of data volumes has long outpaced the growth of operational processing capabilities; Decisions about the next step for a client are still largely made manually by analysts or marketers, rather than by a real-time system; While the cycle is measured in days or weeks, the window for a client to respond to an offer is often already closing. That's why the winner isn't the one who has collected more data, but the one who has learned to make better decisions faster than the competition. This is the difference between possessing information and the ability to act on it, the expert emphasizes. Why the conversation about AI in banks is often misplaced Artem Lyashanov points out that much of the current discussion about artificial intelligence in the financial sector isn't focusing on its most valuable application. The biggest opportunity artificial intelligence (AI) offers financial institutions isn't content generation or the automation of routine processes. It's what can be called decision intelligence, he explains. He justifies this priority with a specific ROI logic: Automating routine operations and text generation reduce costs but do not create new revenue. They do what the bank already does faster; Decisions made more accurately and ahead of competitors, for example, offering a product when the customer is...
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