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Fintech Belgium Summit 2018: AI & Machine Learning- Intro Deloitte

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by Jean M Boxus

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Fintech Belgium Summit 2018: AI & Machine Learning- Intro Deloitte

  1. 1. Headline Verdana Bold The New Physics of Financial Services Understanding how artificial intelligence is transforming the financial ecosystem
  2. 2. The New Physics of Financial Services 2 © 2018 Deloitte Belgium Unlike past “AI Springs”, AI is poised to continue an unprecedented run of advancement Far from the early premises, AI now benefits from technology advancement, talent, focus and leadership and investment 1950s… 1990s… 2000s… Today and tomorrow
  3. 3. The New Physics of Financial Services 3 © 2018 Deloitte Belgium So what do people really mean when they say artificial intelligence? A suite of technologies that have made dramatic advances in our ability to automate and enhance: Many applications of AI-driven technology use a combination of the above automations and enhancements Interaction Decision-making Customization Foresight Pattern detection That will be intertwined with the development of all other technological innovations
  4. 4. 4 AI is changing the physics of financial services…. weakening the bonds that have historically held together financial institutions, while creating new centers of gravity where new and old capabilities are being combined in unexpected ways
  5. 5. The New Physics of Financial Services 5 © 2018 Deloitte Belgium In the past, dominant institutions were built on… AI is altering the attributes necessary to build a successful business in Financial Services Legacy business models are under pressure from those whose businesses are built around these new attributes Scale of dataScale of assets Mass Production Tailored experiences Exclusivity of relationships Optimization and matching High switching costs High retention benefits Value of augmented performanceDependence on human ingenuity In the future, institutions will be built on…
  6. 6. The New Physics of Financial Services 6 © 2018 Deloitte Belgium Key findings: AI will transform the financial ecosystem in the following ways Making front- and back-office operations look radically different A new battlefield for customer loyalty From cost center to profit center Self-driving finance Collective solutions for shared problems
  7. 7. The New Physics of Financial Services 7 © 2018 Deloitte Belgium Key findings: AI will transform the financial ecosystem in the following ways Altering the structure and regulation of financial markets Bifurcation of market structure The power of data regulators Uneasy data alliances
  8. 8. The New Physics of Financial Services 8 © 2018 Deloitte Belgium Key findings: AI will transform the financial ecosystem in the following ways Raising critical challenges for society to resolve Finding a balanced approach to talent New ethical dilemmas
  9. 9. The New Physics of Financial Services 9 © 2018 Deloitte Belgium Key take-away Be first and best in the deployment of AI Collaborate with many stakeholders The growing role of AI in shaping the future of financial services will require financial institutions to simultaneously… Responding to the new physics of financial services will require institutions to maintain a challenging balance between competition and collaboration
  10. 10. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities. DTTL (also referred to as “Deloitte Global”) and each of its member firms are legally separate and independent entities. DTTL does not provide services to clients. Please see http://www.deloitte.com/about to learn more. This communication is for internal distribution and use only among personnel of Deloitte Touche Tohmatsu Limited, its member firms and their related entities (collectively, the “Deloitte network”). None of the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication. © 2018. For information, contact Deloitte Touche Tohmatsu Limited. Jean-Marc Boxus Senior Director Deloitte Consulting | Technology Strategy & Architecture Mobile: + 32 477 59 71 86 jboxus@deloitte.com | www.deloitte.be

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