With advances in artificial intelligence, new capabilities in financial institutions “will scale so fast that we might not know exactly what to do” – this was the warning that Michael Araneta, associate vice-president for IDC Financial Insights, recently sounded at the recent Asian Financial Services Congress 2019 in Singapore.
“We will be tempted to explore a lot of new things, just because we can. It does not necessarily mean that these are necessary or that these are things we should be doing,” Araneta, who leads IDC’s research and consulting for financial services, explained.
Moving forward, he anticipates Asia’s financial institutions to get busy with three key capabilities in the year ahead.
1. The ability to love the customer
The capability of Asia’s financial institutions to show love to the customer, as he observed, has improved by leaps: “We see at IDC Financial Insights that 75% of financial institutions in the Asia region would already have a single customer view. This used to be 70% last year.”