How businesses will pivot AI strategies to align with human-centric goals

Trends like Digital Transformation, Internet of Things, Blockchain and Artificial Intelligence have beset the tech and finance industries for some time now. But what was now yesterday’s buzzwords will be tomorrow’s reality. The question is, how will these buzzwords evolve into real solutions in 2019?

Jayajyoti (JJ) Sengupta, Head of APAC, Cognizant shared his thoughts on the above topics and how they will change in 2019.

1. Businesses will pivot AI strategies to align with human-centric goals: 

The majority (92%) of executives see AI playing an important role in their business within the next three years, according to a recent Cognizant study.

But in 2019, the implementation of AI will not only allow businesses to reduce costs but will also provide ROI to the staff working with this technology.

It should help them to do their job better, not replace the job altogether. To do this, businesses will see AI as an enabler rather than just a solution; to overcome obstacles like securing talent and devising appropriate ethical policies and procedures.

2. Collaboration between educational institutions and businesses will increase to upskill the workforce of the future:

More frequent reskilling will become the new norm as businesses and educational institutions collaborate to keep present and future workers up to speed with technology.

In 2019, there will be more of a move from annual reskilling programs to reskilling the workforce continuously.

This will take place by businesses and educational institutions working together to create better training content that is specifically curated and continually updated, as a one-size-fits-all approach no longer suffices in the future of learning.

3. Open banking will encourage healthy competition and collaboration between BFS players: 

Open banking will officially start in Australia from 1 July 2019, when the Big Four are expected to make credit and debit card, deposit and transaction account data available under the open banking framework.

As a result, financial institutions and industry stakeholders are expected to work more closely to embrace emerging interoperability standards, a prerequisite to open banking.

New services can then be integrated without having to spend the resources to develop new ones, reducing the industry’s fintech vs BFSI competition and giving customers a better level of service.

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Source: How businesses will pivot AI strategies to align with human-centric goals – IT Brief Australia