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Financial services sector will grow with artificial intelligence

According to Global Artificial Intelligence in Financial Ser- Increased adoption of AI
vices Survey by EY (Ernst & Young, artificial intelligence will technologies across the fi-
be an essential business driver for financial services within two nancial services industry
years. 64% of senior executives surveyed in the financial ser- also comes with challeng-
vices industry expect to use AI for new revenue generation, es, as data quality, access
process automation, risk management, customer service and to data and competition
client acquisitions within two years. for talent are all seen as
major obstacles to imple-
EY, the international consultancy and audit company, an- menting artificial intelli-
nounced findings from Global AI in Financial Services Survey, gence by more than 80%
a new global survey assessing the current state of artificial of senior executives. When
intelligence (AI) adoption by financial services organizations. it comes to respondents
According to the survey which was conducted by the attend- who predominantly use au-
ance of 151 market leaders from 33 countries, Led by the tonomous AI, the attitudes
Cambridge Centre for Alternative Finance (CCAF) at the Uni- shift, with 80% of respond-
versity of Cambridge Judge Business School and the World ents perceiving trust and
Economic Forum, and co-sponsored by EY and Invesco; the user adoption to be the
survey reveals striking findings about the future expectations most significant hurdle.
of financial services companies. 77 percent of the participants
anticipate that AI will possess high or very high overall impor- Falling behind in AI may cause the loss of competitive-
tance to their businesses in 2020 and 2021. ness

New use cases for artificial intelligence continues to “Artificial intelligence is reshaping the financial services sec-
emerge tor, and we estimate that its wide-scale adaptation will con-
tinue throughout the sector. As advanced technologies pioneer
The study also revealed that 85% of respondents have already new business models and transform the business functions,
implemented AI within their organizations and expect to use organizations need to focus on the long-term impacts of ad-
AI for new use cases in the coming years. Additionally, nearly aptation to artificial intelligence. Financial services providers
two-thirds (64%) expect to use AI for new revenue genera- that fall behind the adaptation to AI may lose their competi-
tion, process automation, risk management, customer service tiveness,” said Onur Doğan, Country Managing Partner at EY
and client acquisitions within two years. Turkey & Central, Eastern and Southeastern Europe Digital &
Technology Leader.

Tabakoğlu becomes the CEO of Lumnion

ary 2020. Tabakoğlu will be responsible from developing the
company towards becoming a global player in risk modelling
software and consultancy.

Cenk Tabakoğlu has a degree in Business and Management
from the University of Maryland, after which he received an
MBA degree in Finance from Bentley Graduate School of
Business. He started his career at Citibank’s Treasury Depart-
ment, Balance Sheet Risk Management Unit in 1999; and
held several other positions in the bank after that. Between
2007 and 2009, he worked as the Head of Western European
Retail Banking and Asset Management at Citibank. Tabakoğ-
lu joined ING Bank in 2009, and held the position of Assistant
General Manager of Retail Banking Marketing and Private
Cenk Tabakoğlu, who has been a senior manager in the fi- Banking until June 2013. He was most recently the CEO of
nance sector for years, was appointed as the CEO of Lumnion, Unico Sigorta, and has vast experience in especially digital
a company producing technological solutions based on ana- insurance, strategic channel management, retail banking and
lytical consultancy and artificial intelligence, as of 10 Febru- financial technologies.