Digital transformation should be “at the core of organisations”, a City Week panellist affirmed.
The comment was made by Mandy Lamb, UK managing director at Visa, during the ‘Adaptation in digital transformation’ panel. Lamb emphasised the benefits that an organisation’s digital transformation can have on the broader economy, alongside a company’s direct customers.
One panellist asserted that digital transformation is “fundamentally about changing operation models”. He promoted a return to “first principles” rather than automating existing processes, stating that neobanks’ reimagining of processes, and provision of improved customer experience, is something that the rest of the industry should follow.
Currently, there are a number of tangible use cases for AI, Pravina Ladva, group chief digital and technology officer at Swiss Re said. These include the simplification of internal processes, faster and preventative data insights and better overall solutions for clients. She observed that although AI has been used in the industry for several years, use cases have been narrow, and predicted that the rise of generative AI will provide greater technology opportunities.
“AI alone is not magic,” Ladva warned. Its value comes from how humans use it, and ensuring that it is used effectively. It will also require strong governance, Lamb added, with the panel agreeing on the importance of regulators and collaboration between regulators and the industry around AI.
Frms are taking different approaches to digital transformation, one speaker reported. There is “no right answer” on how to approach innovation, he said, but advised that companies align themselves around shared governance and metrics. However, moving too quickly to follow a particular path could risk firms not being ready for adoption. warned Charlotte Crosswell, chair of the Centre for Finance, Innovation and Technology.
Looking forward, one panellist advocated for a forward-thinking approach towards digital innovation, aiming towards an end goal rather than making numerous changes that lead to complex, incompatible systems. He advised firms to plan ahead, as developing and embedding new technologies will take several years.
Concluding the panel, speakers were questioned on what they consider to be the most exciting upcoming technology in the market. Lamb named tokens, stating that the industry is “just scratching the surface of their potential”, while Latva expected to see more AI-based productivity solutions in the near future.
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