image_2021_04_07T11_58_59_138Z

3 Reasons to Deploy a Customer-Focused Digital Transformation Strategy

Over the years, most businesses have matured in the digital spectrum and embraced advancement in operations. While everyone is fighting for that particular locus, it is the customer experience (CX) that leaves a lasting impact on the fate of a business. No matter how impatient the customer is, businesses have to address the soaring expectations and devise the most optimal customer-first approach.

At the same time, it is imperative to seek qualitative digital transformation advisory service.

Here’s a quick run-through of the findings from different research institutions backing the practice of a customer-centric strategy at the enterprise level.

• According to a report by IDG issued in 2019, the success of digital transformation would be gauged by a business’s ability to deliver exceptional customer experience and boost worker productivity through technological integration.

• Another 2018’s study by KPMG talks about the fact that value should lead the way for the digital transformation of an organization. It also mentions that 67% of 300 surveyed business leaders believed agility is the most priced asset of an organization.

• KPMG’s Global Manufacturing Outlook 2018 also mentions that intensified connectivity among manufacturers, suppliers, and customers induced by digital transformation would cause a positive impact on the businesses. CEOs and innovation experts are already partnering with business process transformation advisory to build solutions that make the most out of these opportunities.

Enterprises must look forward to hone their ability in deciphering customer expectations and deliver a superlative experience. It is opined that AI and machine learning would help businesses make the processes more customer-centered.

If you don’t have expertise in devising strategies for a customer-focused digital transformation, hire the experts with globalized experience at Millennial Partners.
Engage Digital Transformation Advisory Services by Millennial Partners.

Millennial Partners (millennial. ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

digital transformation advisory service

Why does your business need digital transformation?

Digital transformation is a vast concept. For most businesses, its execution is difficult to handle by themselves. No doubt 88% of businesses rely on experts to transform their operations. Digital transformation advisory services pave the most efficient way ahead for the transformation journey. Digitization experts utilize their knowledge and experience in planning, executing, monitoring and auditing digitization in the organization while helping businesses to focus on their core competencies.

The specific reasons why your business needs digital transformation may vary from case to case. This blog highlights the more pressing reasons as to why your business could need transformation.

  • Mitigated Costs

Digitization is capable of reducing stationary, operational, transactional, and many other costs for organizations. Therefore, the amount you spend on business optimization with digitization is equivalent to the amount saved on business transactions.

Also, since it lends you a competitive advantage, there are more chances of increased sales which would enhance your earnings.

  • Improved Customer Loyalty

The integration of newer technologies into a business model can enhance the capabilities of businesses. More capabilities would strengthen customer strategy as it would enrich their services and help businesses retain existing customers and attract new customers.

  • Enriched Analytics

Artificial intelligence-enabled solutions can track real-life experiences and enrich your analytics. Businesses can leverageArtificial Intelligence consulting services to develop digital solutions that can access and combine data from various customer interactions, employee behaviors, and various other significant sources to deliver a satellite viewpoint of the business.

  • More Focus on Customers

The main motive of an ideal digitization strategy is customer experience enhancement. The technological innovations can help businesses enrich customer service and assistance across all touchpoints, therefore making businesses more focused towards customers.

  • Makes business more agile and adaptive

Business transformation with digitization reduces its dependence on slow, conventional processes. It accelerates the operations and makes your business more responsive to up-to-date market demand and trends.

Final Thoughts:

The aforementioned benefits of digital transformation are all based on things that every business would wish to accomplish within a business transformation venture. Considering that digitization can be a single solution serving various purposes, businesses are better enabled to make informed decisions on where to commit their budgets, time and resources with digital transformation advisory services.

Also, according to a study by global consultancy Capgemini, 87% of businesses considered that digital transformation lets businesses gain a competitive edge in the market.

So, is your business ready to gain an essential competitive edge?

If yes, partner with the best digital transformation advisory services today.

Leverage Digital transformation advisory service to devise the best Digital Transformation Strategy

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

enterprise AI solutions

5 Steps to Enhance Customer Experience with Artificial Intelligence

In a customer-centric world, businesses focus on maximizing customer loyalty, advocacy, and satisfaction. If you are a business seeking ways to improve customer experience, the following five steps will guide you on how you can leverage Artificial Intelligence (AI) to deliver a better customer experience.

Step 1: Devise a Customer experience strategy

Before you identify use cases for AI integration or decide what your enterprise AI solutions should ideally do, you must have a well-built customer experience strategy. You must have a clear vision of how better your customer journey should be. If you lack resources who can actively participate in devising such a strategy, you should outsource.

Step 2: Chart out and examine customer journey

Chalk out how customers interact with your business. Prepare a complete sketch demonstrating a complete cycle – from the discovery of product and presales to closing the deal and beyond. Identify key touchpoints and figure out the best way AI can help in enhancing customer experience at those points. You can also seek enterprise digital strategy advisory services to recognize those touchpoints in the current customer journey.

Step 3: Plan integrations with the best AI tools that help in understanding customers effectively

We can’t deny the fact that your organizations already have tons of data collected from sales representatives, basic customer experience assessment tools, social media, and more. According to Gartner, this data isn’t fit to use for assessing real-time insights into customers’ journeys. Businesses can leverage fully-fledged AI solutions that mine, categorize, arrange, and analyze the data that sums up the customer journey.

Step 4: Decide what would be best- to develop AI software from scratch or buy an off-the-shelf solution

Based on your requirements and budget, decide what suits your business- getting enterprise AI solutions developed for your business from the ground up or buying an off-the-shelf solution. If you choose to get it developed, make sure to hire best Artificial Intelligence consulting services to plan its effective development and deployment. On the contrary, if you choose to buy a white label solution, make sure it has all the required features.

Step 5: Track performance

Recognize key performance indicators (KPIs) and then set milestones for performance tracking. Focus on small victories and let their frequency create a momentum for welcoming the bigger ones.

Bonus: Step 6: Leverage the Best Artificial Intelligence Consulting Services

After considering the 5 step methodology, here is a bonus step that should be followed for improving the efficiency of the above-mentioned process. Formulating customer experience escalation strategy, examining customer interactions and engagements, planning effective integrations, getting Enterprise AI solution developed and monitoring, tracking performance can be a daunting task. Partner with best Artificial Intelligence consulting services and it won’t be difficult for you.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and/or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Enterprise AI solutions

4 Ways Enterprise AI Solutions can Fuel Business Growth

Kinetic global business leaders have implemented AI strategies in businesses and have become an epitome of success. According to a study, a lot of business managers consider that Artificial Intelligence would profit their organization by reducing costs and increasing opportunities. 84% of respondents also believed that Al will lend a competitive advantage to their business.

In this blog, we would cover the 4 basic benefits of integrated AI strategies that can disrupt businesses and help them grow.

4 Benefits of a well-integrated AI strategy

  • Better Business Decisions

Infobesity and capacity constraints are a bad combination for the growth of an organization. It is believed that artificial intelligence consulting services can mitigate the impact of this bad combination on business decisions.

AI can enhance information processing and amplify capacities of business and therefore businesses can level up their efficiency of decision-making.

  • Better Customer Experience

AI has capabilities to prepare a business for its customers. Through Artificial Intelligence, the tracking of customers’ activities is easier than ever. Many businesses are already leveraging this tool to improve their products and services. KFC, in collaboration with China’s Google Baidu, has launched an AI-equipped facial recognition system. The system tracks customer preferences and can be further used to predict what customers would want to eat at a particular time of the day.

A large proportion of businesses have also unleashed the capacities of AI in automating customer interactions and making real-time assistance possible. A Canada-based telecommunications company increased its customer satisfaction by 65% by integrating chatbots into its operations. AI can greatly contribute to enhancing the customer experience.

  • Better Data Quality

AI can only help businesses collect more relevant, high-quality data but it has also changed how businesses eye and process big data. Many businesses have leveraged Enterprise digital strategy advisory services and have devised an integrated AI strategy to enrich data quality.

With enhanced capabilities related to data tracking, arranging, processing, and mining, businesses can amplify their business opportunities and increase their profit shares.

  • Better Business Operations

The AI potential use case stack offers a lot of other untapped applications. These can transform and automate business operations, making businesses more cost-efficient and resource-efficient than ever.

AI can help in better business decisions, customer experiences, data quality, and business operations.

Prepare your business for tomorrow’s transformative world with Enterprise AI solutions offered by Millennial Partners.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Digital Transformation Strategy

Need for an Effective AI Strategy to Fuel Business Growth during Crisis – Part 2

In the last part, we studied how an effective AI strategy can play a crucial role in recovering from the adverse consequences of an unexpected event. In this part, we will study the strategic areas that need to be taken into consideration to devise a successful AI digital transformation strategy to prepare a business for recovery and growth.

2 Key Strategic Areas to Consider for a Successful AI Strategy

  • Discover and Develop New Business Competences Powered by AI

A well-planned response to a crisis is crucial to scale business growth. To counter the market turbulences and develop a measured comeback, businesses need to identify the remodeling needs of customers. Following this, appropriate measures can be taken by kinetic competitors and markets to reciprocate to them.

Today, businesses with physical offerings are shifting to digital twin solutions to limit the physical contact and curb the spread of the Coronavirus. By combining enterprise AI solutions and AI-powered digital platforms, businesses must step beyond their comfort zones and analyze places where value can be derived.

  • Integrate AI into Core Business Prototype

Businesses that fail to implement effective AI strategies into their operations are more likely to limit their ROI. A careful end-to-end view of business operations is preemptive to recognize areas for AI integration.

The current black swan event characterized by the Coronavirus is opined to bring an ecosystem-level change. Businesses that would devise a digital transformation strategy with AI integration to reset and rescale the plan and operations would eventually earn huge profits. In the long term, embedding AI into core functional areas would radically increase efficacy in operations.

Embrace Enterprise Artificial Intelligence Solutions from AI Consulting Specialists

An effectual AI strategy to recover from the COVID-19 crisis surpasses building lightweight, beta mode algorithms or addressing ad hoc business trends or problems. Partnering with a leading AI consulting specialist would help businesses revive and rise back stronger.

Millennial Partners (millennial.ae)prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

Enterprise AI solutions

Need for an Effective AI Strategy to Fuel Business Growth during Crisis

2020 has been a tough year, bringing lamentable loss to lives and businesses.

The sudden knock of the COVID-19 pandemic was characterized by dire consequences, deeply affecting the businesses’ momentum. The strategies devised by even the biggest businesses of the industries stood defunct in the face of the health threat crisis followed by the grand global lockdown implemented in more than 20 countries.

Business Transformation during the Time of Crisis: The Need And Pace

Given the belief of authorities that contactless operations could curb the spread, the businesses couldn’t depend on their traditional practices. This resulted in a growing need for digital technologies and digital transformation strategies.

Business transformation at the inopportune time of crisis won’t be the same as it is under normal circumstances. According to a survey by Harvard University, senior executives of 70% of 1,000 companies stated that pandemic would accelerate business transformation and that it would be the only way to combat the economic effects of COVID-19 on businesses.

Why is now the best time to come up with Fresh AI Strategies?

The unforeseeable hit by the black swan event left the previously planned strategies lifeless. It is time to devise an intelligent strategy that could prevent businesses from short-term negative effects and help them adapt to the permanent effects of the crisis.

The following points would reveal how the current situations are favorable to a vertical change:

  • Mitigated Market Reaction for Experimentation

Since the focus of the world is on the crisis and its effects, and markets are at a recovery phase, the sheer disruption that the vertical business strategies could bring normally to the effect is mitigated for a brief time period.

  • Favorable Changes in Almost-Flattened Customer Adoption Curves

It is evident that customers are generally reluctant to abrupt changes and require considerable time to adopt new processes. However, since the crisis has had a major effect on the population, the spirit to compromise and adjust is escalated. Businesses can harness that spirit to create a positive change for themselves and customers.

  • Crisis-Characterized Readiness to Change at All Levels of Organization

The internal business teams work in silos and are reluctant to change. The most kinetic business managers and shareholders demand immediate profits. Now that the black swan has had its massive effect on businesses, the urgency to revive has leveled-up the readiness to embrace changes at all levels within organizations.

Recover and Gain Profit with best Enterprise AI Solutions

Given the current unprecedented scenario, the need for business transformation cannot be overlooked. Businesses that stick to unshakable inertia and hope everything would snap back to normal would eventually land out of their cloudland or would have to shut-down.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out via our e-mail at info@millennial.ae.

asset tokenization advisory

How is Asset Tokenization Redefining the Financial Industry

Tokenization of assets is poised to disrupt various industries, in particular the financial industry. It will redefine the way people invest in assets – from art to buildings. Those who are not prepared for asset tokenization are more likely to lag behind.

What is asset tokenization?

Asset tokenization refers to the process of issuing blockchain tokens, specifically security tokens. These tokens digitally typify a real-world tradable asset and are issued through Security Token Offerings (STOs). A security token represents a share in a company or ownership of a piece of property. The security tokens are then traded on the secondary market.

With the increase in the popularity of asset tokenization, the demand for asset tokenization advisory services is also increasing. Businesses are leveraging the experience and expertise of asset tokenization professionals to reap the benefits of a new token economy.

How is asset tokenization reshaping the finance industry?

Asset tokenization forges the path for a more efficient and transparent financial world by mitigating the friction present in the process of creating, buying, and selling securities. The following are the ways by which asset tokenization is bringing a shift in the financial industry.

  • Greater Liquidity

The issuers of tokens harness asset tokenization consultancy and development services to tokenize their assets – especially private securities and illiquid assets like fine arts – and easily trade their tokens on a secondary market. Access to a large number of traders improves the liquidity of assets, enabling both issuers and investors to capture greater value from the underlying asset.

  • Quick and Cost-efficient Transactions

The transactions of tokens are driven by smart contracts, which are software programs written to trigger actions when certain conditions are met. The smart contracts automate transactions, reducing the administrative burden involved in the process of token buying and selling, with the need for fewer intermediaries. This results in quick transactions and lower transaction fees.

  • Greater Transparency

Security tokens are embedded with token holders’ rights and legal responsibilities, along with an immutable record of ownership. This results in transparent transactions and provides a clear picture of token holders’ rights and who previously owned a particular token.

  • More Accessibility

Tokens are highly divisible, which means that investors can buy tokens that represent significantly small percentage of an underlying asset. This enables the investors to enter the market, even with small investment amounts.

Take away

Tokenization has the potential to make the financial industry more accessible, accelerated, cost-efficient, and simplified, thereby unlocking trillions of funds in currently illiquid assets and elevating the volumes of trade.

At Millennial Partners, we offer asset tokenization consultancy and development services to help businesses embark on their journey to tokenize their assets. Whether you want to tokenize real estate, art piece, commodity, or any other asset, we help you accomplish your goals with our mission-driven solutions.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

banner3

Industries ripe for the adoption of Artificial Intelligence

Artificial Intelligence (AI) promises a new age of disruption and productivity, where human intellect is augmented by speed and accuracy. The technology has the potential to offer profound results across various industries – including healthcare, construction, real estate, and more. Many industry leaders have realized the potential of AI and are leveraging Artificial Intelligence consulting services to integrate AI into their business operations.

Here are 5 industries that are ready to embrace Artificial Intelligence.

  • Marketing

Marketing companies can harness the potential of Artificial Intelligence to devise better and well-informed marketing strategies. AI categorizes customers as per their interest or demographic and marketing companies can capitalize on this opportunity to target ads to their customers based on their browsing, consequently providing their customers with what they are seeking. In addition, the power of AI can be leveraged through chatbots that can help solve problems, suggest products or services based on customer interaction, and support sales.

  • Sales

Artificial Intelligence can equip sales professionals with actionable insights that can enhance the sales function. AI improves sales forecasting, anticipates customer needs, and enables better communication. Additionally, AI-enabled machines facilitate time management for sales professionals, simplifying it for them to identify who they need to follow up with and which customers are easy to convert.

  • Research and Development

Nearly every industry – such as pharmaceutical, healthcare, finance, agriculture, and more –is involved in research and development (R&D). Artificial Intelligence can automate various tasks and forge the path for novel discoveries as well as better ways to deliver improved products and services. Companies involved in R&D can harness digitaltransformation consultancy services to integrate AI into their businesses for more strategic and effective operations.

  • IT Operations

AI for IT operations, also referred to as AIOps, is the application of machine learning and data science to IT operations problems. AI can be used for IT system log file error analysistogether with IT systems management functions, and automate various routine processes. The technology can help identify issues upfront, helping IT professionals to proactively fix them before they lead to any serious problem.

  • Human Resource Management

AI has the potential to revolutionize various human resource activities – from recruitment to talent management. It can not only boost efficiency or alleviate the operational cost by automating repetitive tasks but do beyond this. AI-powered robots can interview candidates for any job position. In addition, AI can assist the human resources department with data-driven decision-making, thereby simplifying the recruitment process.

Take away

AI has immense potential to transform nearly any industry. More businesses are embracing AI and are generating real rewards from them. However, unlocking those benefits requires visionary leadership and the right technical partner.

We, at Millennial Partners, offer comprehensive Artificial Intelligence consulting services – from use-case identification and solution implementation to deployment – enabling enterprises to benefit from the disruptive AI technology. We leverage our domain expertise and technical prowess to deliver meaningful outcomes that fuel your business growth.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. Our digital transformation roadmaps include incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

digital transformation strategy consulting

Industries Ripe for the Adoption of Artificial Intelligence – Part 2

In Part 1 of this blog, we talked about five industries – including Marketing, Sales, Research and Development, IT Operations, and Human Resources – that are ready to embrace Artificial Intelligence (AI).

In this blog, we will outline five more industries prepared to ride the digital wave of Artificial Intelligence.

Contact Centers

The contact center of an organization is one of the areas to have already adopted Artificial Intelligence. Organizations that have leveraged Artificial Intelligence consulting services to integrate AI into their businesses in the right way are the ones that harness AI to augment their operations rather than replace humans. These centers gather a large amount of data to learn more about their clients, analyze customer behavior, and predict the “next best action” for their users to ensure better customer engagement. In addition, machine learning can be used to analyze the unstructured data collected from contact centers to identify customer trends and then enhance products and services.

Building Maintenance

Another industry to benefit from AI technology is Building Maintenance. The technology is enabling facilities managers to optimize the use of energy and for the comfort of occupants. Building automation, which involves the use of AI to manage buildings and control lighting and heating or cooling system, leverages internet-of-things devices, and sensors to track buildings.

Manufacturing

Many companies, such as Heineken, use data analytics at every step of their manufacturing process – from the supply chain to inventory tracking. Predictive intelligence can help anticipate demand and improve the production while sensors on equipment can predict maintenance needs. AI helps identify and address areas of concern in the manufacturing process, preventing them from turning into costly issues.

Accounting and Finance

Many organizations are utilizing digital transformation strategy consulting services for AI use-case identification and solution implementation, realizing how technology can help alleviate the cost and enhance efficiency. According to Accenture Consulting, robotic process automation can be a great solution for the accounting and finance industry. While it can free-up finance professionals from repetitive tasks and reduce human errors, it can also provide real-time status of financial matters since it can track communication using natural language processing.

Customer Experience

According to Forbes, top fashion brands like Burberry are harnessing the potential of AI to enhance sales and customer relationships. The company uses loyalty and reward programs to collect shoppers’ data and then uses this data to offer customized recommendations to its customers – whether they shop online or in brick-and-mortar stores.

We, at Millennial Partners, offer all-inclusive Artificial Intelligence consulting services – from use-case identification and solution implementation to deployment – enabling enterprises to benefit from the disruptive AI technology.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments. We follow a coherent roadmap that includes incorporating the most cutting-edge technologies and vendors focusing on technologies such as enterprise Blockchain, Artificial Intelligence, and IoT.

Should you have any questions and or would like some focused professional advice, please don’t hesitate to reach out on our e-mail at info@millennial.ae.

artificial intelligence consulting services

How can AI Reshape the Future of Banking?

Artificial Intelligence (AI) is a set of technologies built to imitate and enhance human intelligence. It is a system that can assess and understand the data that it ingests and suggest actions based on that assessment.

AI’s potential is huge across the banking value spectrum – from driving better data-driven decisions in the back office to applying human intelligence to enhance automation in the middle office, to directing interactions in the front office to enable a better customer experience.

Harnessing Artificial Intelligence can bring the advantage of digitization to the banking industry, helping them to edge out the competition given by FinTech players. According to a report, 32% of financial services providers have already leveraged artificial intelligence consulting services to implement AI technologies like predictive analysis and voice recognition into their business operations.

AI is considered the future of digital banking as it empowersindustry players to combat fraudulent transactions and augment compliance by leveraging advanced data analytics. It aids banks with efficient management of huge volumes of data, concurrently deriving actionable insights from them. AI algorithms facilitate the identification of anti-money laundering activities in a few seconds, unlike conventional processes that take hours and days. Furthermore, features like biometric fraud detection mechanisms, AI bots, and digital payment advisors forge the path for quality customer services, leading to reduced costs and increased revenue.

AI is enabling banks to gain essential competitive edge through:

  • Predictive operations

AI enables banks to predict the future based on past behavior analysis. This helps banks with easy identification of fraudulent activities – such as identity theft and anti-money laundering –further enabling them to make customer recommendations. Additionally, AI helps detect suspicious data patterns among large volumes of data, thereby driving efficient fraud management. Realizing these benefits, many banking institutions across the globe have adopted AI by partnering with professionals offering digital transformation consultancy services.

  • Effective decision-making

Cognitive systems designed to think and respond like human experts provide favorable, real-time solutions based on data available. Banks are harnessing the potential of these systems to make strategic decisions.

  • Process automation

It enables automation of information-sensitive, error-prone, and cost-efficient banking services such as claims management. This alleviates costs, enables accurate and accelerated processing of services, and secures ROI.

Take away

AI will bring profound, positive changes to the banking industry by driving intelligent automation. The technology will enable banks to combine human and machine capabilities optimally to achieve operational and cost efficiencies and deliver customized services. By adopting Artificial Intelligence, many leaders of the banking industry have already capitalized on the opportunity to reap the benefits of AI.

Millennial Partners offers business-oriented artificial intelligence consulting services, helping global enterprises to integrate AI into their business operations. Backed by in-depth domain knowledge, rich experience, and a cross-functional team, we navigate and accelerate your AI development journey.

Millennial Partners (millennial.ae) prides itself on serving clients’ most pressing organization transformational needs across people, processes, and technology through its own proprietary frameworks. Our digital transformation offering is most relevant to the increasingly digital enterprise and consumer environments, which includes incorporating the most cutting-edge technologies such as enterprise Blockchain, Artificial Intelligence, and Iinternet of Things (IoT).

Our global and experienced team is availablevia e-mail to proffer solutions and answer questions regarding technological advancements and digital transformation!