News & Views
Conga comments on Gartner FSI research
With Gartner’s latest report ‘The Top Strategic Technology Trends in Banking and Investment Services for 2022’ forecasting that generative artificial intelligence (AI), autonomic systems and privacy-enhancing computation will be the three technology trends gaining traction in banking and investment services this year, we ask Ash Finnegan, digital transformation officer, Conga (www.conga.com) for her views on Gartner’s prediction that 20% of all test data for consumer-facing use cases will be synthetically generated in applications such as debt management, personal finance assistants and automated lending.
“As Gartner forecasts, revenue operations (RevOps) transformation is gaining momentum as financial leaders identify new ways of reaching their customers and establishing new revenue streams. However, it is no easy feat. Conga’s own research revealed that only 37% of organizations experience success with the digital transformation of their commercial functions. Many aspire to be disrupters, picking a technology like artificial intelligence (AI) and implementing it at speed to keep up with new challenger banks or fintech rivals. However, they have no understanding of how it can impact their business or how to implement it successfully.
“AI is not a silver bullet – it is only as good as the data provided. It is also only beneficial if it accelerates key business processes and provides real data intelligence. Leaders need to be far more strategic with their investments and establish clear objectives before adopting any new technology. Most importantly, all data needs to be auditable, available, and actionable – that is the only that AI or machine learning will be successful and add real value. By reviewing the RevOps cycle and identifying core business processes, leaders will have far greater insight into data streams and be able to identify trends and areas of improvement. Then they adopt automation far more carefully and focus on accelerating their revenue streams.”