Banks have started to unlock and experience value from AI – whether it's in cost reduction, process efficiency, improved productivity, better knowledge management or revenue uplift.
Avanade's new report, 'Banks and AI: Realizing Business Benefits?', based on 1:1 interviews with bankers and Avanade-commissioned research with approximately 500 senior financial services executives, examines why banks find it difficult to quantify the value of AI to their business.
Join us as we examine the journey of 'enthusiasm to value' and explore elements impacting how organizations measure the ROI of AI including:
- Prioritization: Banks are building strong AI foundations, including cloud adoption, legacy modernization and robust data infrastructure. These are substantial programs of work. Fine-tuning measurement metrics is not top of the agenda.
- Pragmatism: Banks are having to be pragmatic about how they set up AI risk management and governance. They are adopting a similar approach to assessing AI value. If it's clear that AI tools are producing benefit, such as GitHub Copilot on developer productivity, then quantification is unnecessary.
- Productivity: The real value of AI is in changing the way employees work. One of the key AI capabilities is therefore in managing change effectively and ensuring AI tools are introduced carefully into the business, given the way they impact on productivity and team working. Metrics around people change are hard to establish.
Avanade has been engaged in innovation with Microsoft in this area for over two years, including being part of the Early Access Program for Copilot with key banking clients.
