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Human Amplification In The Enterprise - Banking and Insurance

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Infosys commissioned a study to develop a research methodology and get insights into the current nature of digital transformation enterprises undergo, across industry verticals. This deck provides industry specific insights from Banking and Insurance.

The study sought to understand a) the specific drivers of digital transformation for enterprises, b) the various facets of this transformation, c) expected and ensuing outcomes, and d) the role of Artificial Intelligence (AI).

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Human Amplification In The Enterprise - Banking and Insurance

  1. 1. www.infosys.com/human-amplification
  2. 2. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE THE RESEARCH THE STUDY REVEALS • Specific drivers of digital transformation for enterprises • The facets of this transformation • Expected and ensuing outcomes • Role of Artificial Intelligence (AI)- supported activities through the digital transformation journey The study outlines how an enterprise’s digital transformation can become more than an accelerator of business, an amplifier of its people. 2 IT and business decision makers were interviewed from industry verticals across the U.S., from a range of organizations, with more than 1,070 employees and 1,000 or more annual revenue $500M
  3. 3. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE CURRENT STATE OF DIGITAL TRANSFORMATION 3 76% enterprises in the Banking and Insurance sector are undergoing full-cycle digital transformation 20% are transforming partially or in pockets 4% are not currently transforming but will do so in the near future
  4. 4. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE KEY GOALS TO ACHIEVE WITH DIGITAL TRANSFORMATION 4 This research also took a look into what enterprises mandate for their senior leadership to achieve to be able to meet their organizations’ 12-month growth plans. REASONS THAT MAKE IT DIFFICULT TO ACHIEVE THE MANDATED GOALS say it is lack of data-led insights on demand56% say it is lack of time 53% But only a few enterprises have fully accomplished their stated goals to become more agile and customer-centric58% to build an innovation culture57% to build a mobile enterprise51% Progress toward digital transformation goals Limited progress (1-25%) Some progress (25-50%) Significant progress (50- 75%) Near complete (100%) 6% 36% 44% 14%
  5. 5. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE ROLE OF AI 5 AI-supported activities play a significant role in their digital transformation 68% Machine learning 55% Cognitive AI-led processes or tasks 52% Automated predictive analytics 38% Institutionalization of enterprise knowledge using AI 34% Robotic automation
  6. 6. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE TRANSFORMATION PRIORITY 1 – AUTOMATION 6 Almost half the respondents indicate that their organizations’ first priority for automation initiatives is to automate processes WHAT ENTERPRISES WANT TO ACHIEVE WITH AI APPLICATIONS want AI to provide human-like recommendations for automated customer support/advice 60% want AI to process complex structured and unstructured data and to automate insights-led decisions 56% want to use AI to create a decision- making system in which machine learning allows the system to learn from humans and improve itself 21% PRIMARY REASONS FOR AUTOMATION to increase productivity 60% to reduce costs 50% to refocus people’s efforts on other non-repetitive tasks that benefit from human intervention 49% want to use AI to institutionalize enterprise knowledge7%
  7. 7. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE TRANSFORMATION PRIORITY 2 – INNOVATION 7 Organizations that automate and reinvest their people productivity gains into innovation efforts tend to be more successful WHAT PEOPLE NEED TO BE MORE INNOVATIVE want more avenues for experimentation59% need opportunities to learn new skills54% need freedom from having to execute mundane tasks53% want exposure to new, breakthrough technologies49%
  8. 8. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE TRANSFORMATION PRIORITY 3 – LEARNING 8 Transformation is most fruitful when based in a culture of lifelong learning that ensures people remain relevant even in a vastly changed, increasingly digital landscape LIFELONG LEARNING IS THE FUTURE respondents from the Banking and Insurance enterprises say that employee lifelong learning programs are extremely important to their organizations 37% LIFELONG LEARNING IS IMPORTANT BECAUSE… say it improves their productivity 42% say it improves their ability to fit into new roles and jobs40% say it prevents skills loss when employees with highly specialized skills retire or switch jobs 15%
  9. 9. BANKING AND INSURANCE HUMAN AMPLIFICATION IN THE ENTERPRISE TRANSFORMATION CHALLENGES 9 We specifically asked IT professionals about the difficulties in achieving their enterprises’ full-cycle digital transformation DIFFICULTIES IN ACHIEVING FULL- CYCLE DIGITAL TRANSFORMATION highlight IT misalignment 67% say it is time constraints 60% cite entrenched resistance to change within the organization56% CHALLENGES IN ADOPTING MORE AI-SUPPORTED ACTIVITIES IN ENTERPRISES indicate lack of financial resources 70% state lack of in-house knowledge and skills around the technology68% say there’s lack of clarity regarding the value proposition of AI52%
  10. 10. Copyright © 2017 Infosys Limited Infosys.com/human-amplification to find out more about how you can accelerate your full-cycle digital transformation with AI-driven applications. Visit

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