The ascent of artificial intelligence over the last twelve months and the growth of embedded finance prompted Celent to ask, “What will it take to maintain a competitive advantage when technology adoption erodes traditional margins and barriers to entry?” during our annual flagship event, Innovation & Insight Day 2024.
Just a year ago, we were addressing the massive hype around AI. Now financial institutions are embracing AI and generative AI, with the typical models pursued including:
- Digital concierges, primarily for knowledge management, summarization and text analysis, content creation;
- Productivity engineers, functioning as coding and testing co-pilots, and for operations optimization and synthetic data creation;
- Decision co-pilots, for early warning signal identification, risk evaluation and advisory services, and prediction and option analysis; and
- Protection officers, supporting cybersecurity threats protection initiatives, financial crime detection, and fraud (deep-fake) detection.
A lot of this will become table stakes fast. Financial institutions must evaluate their innovation practices, how to optimize the cost and pace of investments, and what they may need to do differently to stay ahead in the race to adopt AI and avoid slipping to become a laggard.
During I&I Day, we also announced the winners of our annual Model Awards program, recognizing excellence in technology innovation across the world of financial services. This year's program celebrated 51 initiatives, selected from 250 submissions from 162 financial institutions and 45 countries.
To learn more about this year's overall theme AI: The Race is On and the 2024 Model Award winners, please register to download our I&I Day Recap Report. You can watch the full program on-demand along with bite-sized interviews with each winner. Celent subscribers also have access to in-depth case study reports from each winner.
What innovative technology initiative is your financial institution implementing? We want to hear about it! Please consider submitting your project for Celent’s 2025 Model Awards program, which will open on October 7, 2024 and close on January 17, 2025. Winners will be announced at our flagship event, Innovation & Insight Day, on June 18, 2025.
