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Invite colleaguesBest practices and important considerations for AI and digital transformation in an economic downturn
Abstract
Banks surged ahead with digital transformation during the pandemic — largely out of necessity — when faced with lockdowns and the shift to digital-first transactions. Now, as the banking industry moves into the post-pandemic era, and given the current state of economic uncertainty, the adoption of digital transformation is even more crucial. A large proportion of investment will involve AI to improve automation and personalisation while improving the speed and accuracy of decision making. This is essential for banks to address today’s ever-changing risk landscape, especially as consumers and businesses navigate economic uncertainty, rising inflation and energy prices. In the midst of the current economic downturn, organisations must be purposeful in their digital transformation efforts. This paper provides an overview of best practices for digital transformation in the banking sector when every dollar is coming under increased scrutiny.
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Author's Biography
Brendan Deakin serves as General Manager, US Market, at Provenir, a global leader in AI-powered risk decisioning software. In this role, he leads Provenir’s US sales, operations and customer success teams. Brendan has more than 20 years of sales leadership experience within the consumer finance and credit services industries. Prior to joining Provenir, in 2019, Brendan spent five years as an investor and executive with RevolutionCredit, a behavioural science-based FinTech/credit scoring solution targeted for thin-file and new to credit consumers. Brendan also served as Vice President of North American Sales at Argus Information and Analytic Services (now part of Verisk Analytics). Prior to Argus, he held a variety of senior sales management roles at Experian Credit Services and Decision Analytics, including Strategic Sales and Experian Health, during the more than seven years he spent at the firm.