IBM's Journey to AI Blog

IBM taking a fresh look at AI

IBM's Journey to AI Blog

Data: It’s becoming richer, cheaper, and increasingly open in the post-pandemic world of broad digitalization. And for financial services organizations, this windfall is opening pathways to improve business performance with end-to-end intelligent automation and hyper-personalized services to satisfy customers’ expectations.

As data gets cheaper, trust grows in value

For banks, insurance companies and other financial institutions on a quest for reinvention, the pressure to play catch up, or leapfrog means fast-tracking AI deployments while balancing governance, risk and compliance needs.

According to a January 2020 Forrester Consulting study commissioned by IBM, Overcome Obstacles to get to AI at scale, 40 percent of the participants report data governance issues are a serious concern. Additionally, 58 percent of its participants indicated that data quality issues are the number one challenge in their organization.

Now the good news.

A trusted architecture based on data and AI solutions generates higher business value, according to Brandon Purcell, Vice President and Principal Analyst at Forrester who spoke at a recent Data and AI Virtual Forum keynote, Trustworthy AI: Forging the future of banking, insurance and financial markets.

“The companies who are the fastest growing in their industries are over six times more likely to have scaled trustworthy AI. There’s no denying that there’s a direct relationship between higher growth and the ability to scale AI with repeatable and trustworthy processes,” he said.

Invest in building trustworthy AI: How to get started

At IBM, we haven’t merely identified this challenge, we’ve taken concrete steps to help organizations build what we call trustworthy AI. This means they can stay compliant while going for gold.

First, watch the recent IBM Data and AI Virtual Forum keynote to hear from IBM’s Global Chief AI Officer IBM, Seth Dobrin, Ph.D. on the principals of governed data and AI within an open and diverse ecosystem.   ..... '