Situation - The potential of AI and ML is being supercharged by the increased availability of two key resources: digitised data and compute power; demanding cost-effective ways to aggregate massive data sets and access high-density compute resources.
Complication - Successful implementation of AI/ML programmes may require firms to fundamentally reappraise existing operating infrastructure. Resources required to support the application of AI/ML in financial services are complex and require specialist expertise.
Resolution - An ecosystem of services and providers will enable firms to successfully exploit the potential of AI/ML technologies. A recent report commissioned by Telstra reflected increasingly flexible approaches, with a varied use of cloud-based resources, colocation facilities and hosting services.