Rhys V Jones is the Global Head of Banking Services at Vuram. He has over 17 years of experience delivering large-scale technology transformation for some of the world’s largest banking groups. At Vuram, he leads the organization’s Global Banking Practice as a trusted partner and advisor on low code.
In the fast-evolving world of business, organizations are adopting hyperautomation technologies to streamline business functions and gain operational efficiency in a competitive environment. Adopting Artificial Intelligence (AI) in business is a game changer as it simulates human intelligence processes by machines, especially computer systems. AI technology can be implemented in expert systems, natural language processing, speech recognition, and more.
As organizations embrace their digital transformation journeys with a renewed focus, the need for AI-enabled applications is more accelerated. Businesses are optimistic about the potential of technology with AI-driven analytics to uncover deeper insights on market trends alongside efficient customer sentiment analysis, allowing firms to offer hyper-personalized, targeted solutions. With the opportunity levels rising, it is crucial to explore how AI goes beyond automating tasks to inspire and improve core business values.
Low-Code and An Accelerated AI Journey
Recently, businesses have strategized widespread adoption of AI-enabled processes to gain competitive advantage and to reap an outsized return on AI investments. To orchestrate the business process end-to-end in a challenging environment, leveraging low-code automation allows the flexibility and speed to implement solutions at a pace faster than ever before.
With no need to program an AI solution conventionally, which is labor-intensive and costly, low code helps businesses build a suite of AI products through visual interfaces and pre-built integrations. The intuitive drag-and-drop environment unlocks incredibly rapid development and faster iteration of digital applications.
Embedding AI in enterprise systems in the traditional way can be time-consuming: data preparation, pre-processing, selecting the right AI model, training, and customizing the model for the specific business process, and integrating the workflow. While this is incredibly complex, low-code takes an effective route of collecting data, drag-and-drop models, and integrating the workflow. This way, low code aims for a bigger payoff as it enables users to train high-quality AI models for business use cases faster. Organizations can now find an AI solution to a problem and build customized AI models without writing code.
Resolving Challenges Faster Than Ever Before
New capabilities and ways of working are transforming every industry on the planet. Advances in digital technology, paired with changing consumer behavior, require organizations to deploy infrastructure that meets the changing needs. How can businesses build adaptability and resilience and offer innovative services and unique experiences?
AI enables businesses to obtain operational resilience by resolving challenges and implementing solutions faster. A bank will be hugely impacted when it cannot process its wholesale payments. AI’s holistic set of capabilities can avert these cascading impacts. AI stitches together data sources dispersed across silos and rapidly delivers fraud prevention and risk management solutions. From regulatory compliance to monitoring critical service providers, AI provides sophisticated tools to automate banking workflows and make human-like decisions at unprecedented speed and scale. Banks can also leverage AI to build analytical models to ensure resilient compliance and reduce false positive alerts.
Similarly, AI deployed through low code can refine business processes and introduce more sophisticated solutions to tackle complex problems. Organizations can configure, prototype, and deploy more rewarding AI solutions in hours rather than spending months developing and coding.
Shaping Happy Workplaces
In current times, organizations are exploring operational flexibility, innovation, and creative thinking to enrich existing processes. It is essential to free-up human time to focus on qualitative tasks and maximize human potential. Enabling AI to work alongside humans allows organizations to engage more and be creative. The AI can perform mundane tasks to reduce errors and improve productivity.
Humans can focus on work that adds value and makes them happy to do what they do best, using their potential and unique abilities. Further, employing AI improves work-life balance by simplifying work and improves job satisfaction by reducing stress levels by taking over complex and repetitive tasks.
Most importantly, AI’s ever-growing role enables businesses to position their human workforce to devote time and resources to qualitative processes that build relations, understand its value proposition, and offer innovative solutions faster by leveraging technology.
AI creates a connected, digitized, agile ecosystem that gathers rich customer intelligence and empowers businesses to deliver ever-deeper personalization of services. When you increase the time-to-market for services, companies can deepen connections with customers and supercharge their solutions to create a more excellent value.