Dr. Werner Steck, partner at Senacor
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Dr. Werner Steck, partner at Senacor
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Dr. Werner Steck, partner at Senacor
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“With artificial intelligence, you can create aha effects and surprise customers,” says Dr. Werner Steck, partner at Senacor. “It is easy for people to get excited about something that they have never seen before. Many customers don’t know what they want until someone shows them. On the other hand, those who only fulfill what is required anyway never end up at the top, but always in the field of pursuers. “
How banks come up with these new ideas that AI makes possible can be summed up in three words: discover, understand, design. In doing so, the banks first start with ideas on how they want to use artificial intelligence. Then they start an AI experiment to understand where opportunities and threats arise and what they have to do to ensure that customers benefit too. The services to be designed follow from this and can be checked again. The cycle continues until a product is ready for the market. “Anyone who works in agile teams benefits in particular in AI projects because IT and specialist colleagues have to work closely together,” explains Steck.
Instead of starting from scratch, more and more banks are now cooperating with fintechs, which have often already implemented specific ideas with an AI. Startups from the USA have grades during their studies, the SAT score (Scholastic Assessment Test) or payment data from online marketplaces evaluated by an AI in order to decide who gets a loan and who doesn’t. The question for banks is how they can get the data they need for their projects. “Cooperations such as that of Deutsche Bank with the Finanzguru app show where the journey can go,” explains Prof. Dr. Fridgen. “The train has not yet left because the field is not that ripe.”
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