Why AI Tech Projects Often Flop in Banking and What to Do

Read the original full article from the Financial Brand here.

Here is a brief summary of the article:

• Banking institutions that aim to invest in innovation, specifically artificial intelligence, must be prepared to face some challenges.
• Olga Tsubiks, Director of Strategic Analytics and Data Science at the Royal Bank of Canada, cites the steep learning curve that banking executives and employees face after disruptive change arrives as one of the common points of contention.
• More than that, the hardest part is not the technology. Tsubiks shared a story about the first AI project she led to illustrate why people matter the most.
• A “proof of concept” was tested, and the AI project got the green light to move forward. But implementation stalled.
• Tsubiks found the three significant challenges responsible for derailing the AI project were people-related. These included:
  1. Lack of buy-in
  2. Daily demands
  3. Mixed messages from top executives
• After nine months of fact-finding, Tsubiks was able to get things moving again, and the AI implementation became a success story.