The Intelligence Revolution - Applied Intelligence Platforms & the Future of Decisioning
Humankind has undergone a series of revolutions that have had a fundamental impact on the world – from the Stone Age to the taming of fire, the Agricultural Revolution, the Industrial Revolution, and most recently, the Computing Revolution. These major transitions have altered the course of human evolution at a pace that’s accelerating exponentially.
Today, we are at the genesis of the next significant inflection point: the Intelligence Revolution. We’re at the cusp where machines can be as (if not more) intelligent than humans, modern technology has provided huge advancements in analytics, and the cost to compute has decreased substantially.
This is the age of data, analytics, intelligence creation, and decisioning that drives actions to create consequential momentous outcomes. To succeed and partake in this revolution, businesses need to become intelligent enterprises by deliberately transforming their people, machines, and culture. That means putting mechanisms in place so you can harness the value of the data you have access to and infuse intelligence into each next action.
Over the past few years, we’ve seen digital disruption turn an already competitive banking industry into a hyper-competitive one. The “primary bank” notion is at risk, as customers are willing to manage multiple financial services relationships if they perceive higher value.
If you’re not building a customer-centric moat around your customers, you’re leaving them exposed to disruptive overtures and eager competitors. This is why an applied intelligence platform is essential for banks that want to lead the Intelligence Revolution by being smarter, faster, and more customer-focused.
What Is an Applied Intelligence Platform?
Most financial institutions are already using digital data-based decisioning to help improve customer experiences and drive better outcomes, and applied intelligence is the latest innovative manifestation of this technology. In order to stay ahead of the competition, banks need a unified, scalable decision platform across the enterprise that optimizes and monetizes the use of people, data, and analytics.
Essentially, applied intelligence is a matter of taking the intelligence that’s garnered from data, converting it into decisions, and operationalizing those decisions into actions at scale. It’s a holistic method that connects everything involved in the customer journey and enables each interaction to optimize the next, therefore, it cannot be implemented piece by piece. An applied intelligence platform enables organizations to offer more personalized digital customer experiences, which cultivates customer satisfaction and loyalty – and, in turn, increases business value and portfolio growth.
It’s become crucial for banks to have the ability to create personalized customer treatments, at scale, while simultaneously addressing economic, business, and regulatory challenges. An applied intelligence platform empowers business users to create and manage the strategies, rules, and analytics that drive decisions and actions – without requiring IT intervention. It allows users to validate and simulate decisions before they’re put into production, with dashboards displaying predicted and compared-to results. Additionally, it re-uses and leverages connected decision assets across the customer lifecycle to improve decisions, while making them transparent and explainable. By utilizing the platform’s power, banks can also unleash their human capital and empower their employees to deliver better experiences.
Given the current hyper-competitive landscape and escalating consumer demands, it’s important for a financial institution to adopt a single extensible digital platform rather than implement their digital infrastructure piecemeal. A flexible, extensible decisioning platform can be consumed in a “big bang” for the greatest business acceleration, but it can also be deployed as a point solution to a specific departmental need, or as individual platform services that allow banks to deliver fast time-to-value while laying the foundation for future success and inherently enabling their next best action when they’re ready to put that in place.
Here’s how an applied intelligence platform works to drive better outcomes for your business and your customers:
Transforming Data Into Decisions
“Data without a decision is a distraction.” – Gartner
The world is producing more data every year, but data on its own isn’t powerful or productive. You need to apply advanced analytics in order to garner intelligence so you can arrive at the most optimal decisions, but you can’t stop there because it still isn’t driving an outcome. You have to convert those decisions into actions and operationalize them, which is what....-->
Humankind has undergone a series of revolutions that have had a fundamental impact on the world – from the Stone Age to the taming of fire, the Agricultural Revolution, the Industrial Revolution, and most recently, the Computing Revolution. These major transitions have altered the course of human evolution at a pace that’s accelerating exponentially.
Today, we are at the...