FUJITSU
For Griggs , banks need to put the right controls in place before taking steps toward AI adoption or risk losing client trust .
This is even truer for data because if data quality coming into the fabric of operations is poor , utilising this data with AI & machine learning is bound to be ineffective .
“ The key is to embed the right data fabric ,” says Griggs . “ Make sure that the data is curated in the right way so that you can trust it .
“ It is so important to any bank or financial institution so that they can generate those insights to make decisions quickly , allowing business leaders to have confidence in the insights when they prioritise where they spend their resources .”
Fujitsu : Mitigating fraud , promoting decarbonisation While open data , or third-party data sharing , is reaping many benefits for banks and associated partners in an ecosystem – it has also led to a rise in data breaches and consequently , fraud .
This is something Griggs calls “ a real concern for the industry and for governments .”
She adds : “ Cyber criminals have access to new technology as well , and we are seeing an increase in fraud and cybercrime in the industry .”
“ The key is to make sure that we keep up with that pace of change , that we embrace that technology in a responsible way so that we can counteract those malicious actors .
“ Social reach is important here . Having reach through open data allows banks and financial services to see what ’ s happening with vulnerable customers . It has multiple other benefits , including helping organisations like banks enable the decarbonisation of finance too .
“ That ’ s where we ’ re seeing partnerships in other industries deliver value to shift financial services from the role of the financier alone , to deliver better outcomes and boost sustainability , like we do with Landmark .”
Fujitsu : Partnerships taking fintech to the next generation The partnerships Fujitsu strikes also help it boost the offerings it provides to its clients . Just as the industry at large is doing , Fujitsu is embracing the impact and benefits of fintechs by integrating these platforms and services into its broader ecosystem .
54 December 2023