23 Apr

Reimagining Commercial Banking: Increasing Agility Through a Cohesive AI Strategy

Tom Jenkin

Key Facts: 

  • A global commercial bank lacked agility, relying on inefficient manual processes
  • A lack of cohesive strategy hindered cost control and innovation
  • Collaborating with Mesh-AI, the bank now has a north star business value objective, and can invest in AI aligned to business goals
  • This enables £20m in year-on-year savings with AI used to automate the previously un-automatable

In the realm of financial services, our client, a global commercial bank, faced a critical challenge: an overwhelming reliance on manual processes. This inefficiency not only hindered operational agility but also posed a significant barrier to cost control and innovation. 

Recognising the transformative potential of AI, the client sought our expertise at Mesh-AI to chart a strategic path forward, one that would not only modernise their operations but also position them as leaders in leveraging AI for competitive advantage.

A Lack of Cohesive AI Strategy

While AI innovation in the financial services industry is increasing at a rapid pace, our client lacked the ability to capitalise on the current opportunities. 

The client's landscape was characterised by disparate systems, siloed processes, and a lack of cohesive AI strategy. 

With a directive from the board to explore AI solutions to meet organisational objectives, the challenge lay in identifying opportunities where AI could deliver tangible business value while operating within risk tolerances. 

The absence of a unified approach threatened the client's ability to harness AI's full potential, putting them at risk of stagnation in an increasingly automated industry.

Why the Clock is Ticking for the Financial Services Industry to get their AI Strategies in Order

An Innovation Model to Mitigate Investment Risks

At Mesh-AI, we approached the challenge through a comprehensive discovery process, engaging stakeholders across front, middle, and back-office functions, as well as technology and data teams. 

This collaborative effort unearthed common thematic challenges spanning various domains, laying the foundation for a cohesive AI strategy. By consolidating these challenges into an "opportunity backlog," we provided the client with a roadmap for prioritising AI initiatives based on their potential impact and alignment with business objectives.

Central to our solution was the adoption of a "north star objectives" framework, which established a long-term vision for AI integration while delineating actionable objectives for the first year. This framework served as a guiding light, ensuring that all AI investments were evaluated against strategic priorities and tied to measurable business outcomes.

To address the inherent risks associated with AI innovation, we introduced an AI innovation operating model. This model provided a structured approach for incubating AI solutions, allowing teams to prototype and test ideas in a controlled environment before scaling them for production. 

By iteratively refining solutions based on user feedback and performance metrics, we mitigated risks while maximising the potential for successful AI deployment.

North Star Objectives for Accelerated AI Implementation

By embracing our strategic approach, the client was able to unlock significant value from their AI investments. The adoption of the north star objectives framework provided clarity and direction, enabling the client to focus their efforts on initiatives with the greatest potential for business impact. 

This resulted in tangible improvements in operational efficiency, cost reduction, and customer experience across various business functions.

Moreover, the AI innovation operating model empowered the client to cultivate a culture of experimentation and continuous improvement. 

By providing a structured framework for testing and refining AI solutions, we enabled the client to navigate the complexities of AI implementation with confidence and agility. As a result, they were able to accelerate the pace of innovation and drive meaningful business outcomes in a rapidly evolving market landscape.

Quantifiable Value Aligned with Business Objectives

By aligning AI investments with strategic priorities, our client can qualify and quantify the value that can be created to their business with AI.

With a clear path to AI adoption and long term viable ownership of AI solutions, the global bank has unlocked £10-20m in year-on-year savings by automating the previously un-automatable.

Our collaborative partnership with the client has positioned them as leaders in leveraging AI for competitive advantage, realised tangible business value and laid the foundation for sustained growth and innovation.

AI in Financial Services: Moving Beyond Strategy and Toward Execution

At Mesh-AI, we believe that the key to success lies in harnessing the transformative power of AI to drive meaningful business outcomes. Through our strategic approach and collaborative partnership with the client, we were able to unlock significant value and position them for long-term success in a rapidly evolving industry landscape. As AI continues to reshape the financial services sector, we remain committed to reimagining our clients’ approach, helping them stay ahead of the curve and achieve their strategic objectives through innovative AI solutions.

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