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AI in Financial Services Podcast
Driving Digital Transformation in Financial Services - with German Soto-Sanchez of Broadridge
Aug 12, 2024
German Soto-Sanchez, Chief Product and Strategy Officer at Broadridge Financial Solutions, shares his insights on digital transformation in financial services. He discusses the importance of understanding AI technology before rolling it out across organizations. Soto-Sanchez emphasizes the value of experimenting with blockchain to foster meaningful dialogue in the ecosystem. He also highlights that even small steps in digital transformation can lead to significant advancements, advocating for a balanced approach to innovation and technology adoption.
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Quick takeaways
- Understanding AI technologies and investing in robust digital infrastructure are essential for financial firms to drive meaningful digital transformation.
- Financial leaders should engage in blockchain experiments and prioritize talent acquisition to effectively integrate innovative practices across their organizations.
Deep dives
Shifting Focus of Digital Transformation
Digital transformation in financial services has evolved from a focus on operational efficiency and cost savings to prioritizing technology-driven customer experiences. Financial firms are now targeting enhancements that differentiate their services, as 70% of leaders in this space are investing AI primarily in customer interactions to improve engagement. This shift is driven by the increasing digitalization of banking and investment activities, where user experience is as crucial as financial outcomes. The competition from fintech and big tech companies reinforces the necessity for firms to invest heavily in client-facing functions to keep pace with customer expectations.
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