The Technology, Media, and Telecommunications (TMT) Industry is at inflection point with the introduction of AI. Modernizing legacy systems with improved integration possibilities, and access to advanced analytics features that were not available in previous systems streamlines operations and allows for scale more efficiently. The use of AI within this sector is reshaping the landscape, bringing about profound changes in various facets of operations and customer experiences.
AI algorithms can unlock the power of existing data to transform operations, improve customer engagement and offer services that better meet customer needs. It starts with a better understanding of the hundreds of data points from within the enterprise and then magnify that power with publicly available data to analyze and model risk, fraud, operations, and customer experience. This democratization of data is the prime catalyst for TMT AI transformation projects.
Compound that with the everchanging regulatory issues and compliance requirements and the impact of economic and geopolitical risks and you have a recipe for chaos. The good news is that recent advancements in zero-code generative artificial intelligence (GenAI) has made it possible to develop an intelligent cloud to improve outcomes and optimize financial services analytics in a secure, cost-effective and scalable manner.
Dependencies on legacy applications is directly impacting TMT organization competitive positions. So, it is no big surprise to understand that modernization of these legacy systems has become a “need to have” for TMT organizations looking to maintain their competitive standing and operational profitability. Instead of continuing down the path of proprietary solutions that require dedicated tools and resources, many are now evaluating an data intelligence cloud solution that leverages new advancements in GenAI and reinforcement learning.
Simply put, a data intelligence cloud is a cloud computing platform that leverages to power of GenAI to enhance its capabilities and transform data into usable information accessible by the average person. Ultimately TMT professionals are experts in their field and not usually comfortable with the rapid advancements in technology. So, having the ability for a financial services executive to “converse” with a machine using natural language (NLP) to get the analytics they need to make better decisions and ensure fair banking while accurately predicting credit scoring and operational risk by inspecting hundreds of variables instantaneously identifying the potential for risk, fraud, or regulatory violations.
According to McKinsey Research “In the technology, media, and telecommunications (TMT) space, new gen AI use cases are expected to unleash between $380 billion and $690 billion in impact—$60 billion to $100 billion in telecommunications, $80 billion to $130 billion in media, and about $240 billion to $460 billion in high tech.” Given the sheer magnitude of these numbers, it requires a better understanding of the potential value and costs associated with attaining it.
Realizing a successful AI transformation project with a data intelligence cloud project for TMT analytics will empower business leaders to get actionable insights in real-time while maintaining security and privacy and free data analysts to innovate instead of generating reports. Some of the specific use cases include:
But why wait months or even years to realize the benefits of an intelligent cloud for your financial services organization, when you can realize gains in days? Emerging developments in zero-code, open source SaaS platforms mean that legacy system modernization projects can be tackled with a data intelligence cloud that reduces dependencies on proprietary systems and the costs of dedicated tools and resources.
Vendors like UBIX deliver on the promise of a zero-code, highly scalable and flexible cloud architecture that leverages the best-in-class cloud technologies to democratize data and support modern data workloads, including analytics, AI and Reinforcement Learning. A perfect fit for any AI transformation or intelligent cloud project. With an architecture that is designed to adapt to the varying demands of large financial services enterprises, allowing them to scale up or down based on their specific requirements.
Learning how GenAI and emerging advancements like Reinforcement Learning can deliver on the promise of a data intelligence cloud for financial series analytics has never been easier. Download our free eBook titled “5 Steps to AI Business Transformation Success” to help better understand the nuances of emerging AI concepts and technologies and offer a set of best practices for consideration to ensure digital transformation and business-led AI success. Or if you can spare 22 minutes for a mini–AI Readiness Workshop, you can contact one of our AI experts today.