TECH BUYER Oct 2019 - IDC Perspective - Doc # AP43052218

Many Things from the Shiny New Thing: 20 Early Adopters of Artificial Intelligence in Asia/Pacific Financial Services

By: Sneha KapoorResearch Manager

Abstract

In this report, IDC Financial Insights discusses how Asia/Pacific (excluding Japan) (APEJ) is embracing artificial intelligence (AI) and the many technologies that come under its ambit. Several early adopters of AI have emerged from the region, with a wide range of objectives from the ability to offer superior customer and employee experience and the augmentation of operations to the design and launch of new products and services.

In our opinion, AI is not the answer to every business goal and problem. However, for those in which AI is the answer, it can significantly transform customer experience and engagement, optimize operational efficiencies, and create new products and services. Regardless of its promises and emerging evidence of significant benefits, AI adoption has been low. Most of the FSIs in the region were not born digital, and they are still stuck with traditional ways of thinking and working. They still do not consider AI as part of their core, enterprisewide strategy, and as a result, it is being implemented as part of a fragmented, siloed approach without any long-term road map to achieve scale. However, we are nearing a tipping point and expect this situation to change considerably within the next two to three years as there are more successful use cases and real evidence of unprecedented benefits available in the market. This will further change with a better understanding of the capabilities of AI and as more institutions invest in AI readiness. Sneha Kapoor, research manager, IDC Financial Insights, says, "By 2022, IDC Financial Insights expects more than 50% of Asia/Pacific FSIs to invest in one or more AI technologies. Majority of projects will focus on three objectives: transform the customer experience, optimize operational efficiencies, and create new revenue streams. We also believe that AI will be one of the key technologies to drive institutions through digital business transformation."


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