AI and data science will probably bring about the most significant changes to the financial services industry that the industry has witnessed in its short history. Yet, today, many financial institutions are still struggling to find their way to start the AI journey1. We propose a concept called T-shaped teams (See Exhibit 1) as the solution for financial institutions to overcome the hurdles in AI adoption. The idea is simple: Technology, more specifically AI and data science, is such a distinct discipline from investments that it takes an additional function, which we refer to as the innovation function, to join them and form the cohesive AI-age investment team. Globally, the financial services industry is eagerly looking to transform from Stage 0 in AI adoption to Stage 1 (See Exhibit 2).

With the research showing growth and transformation are the top priorities for their organisations, this puts technology leaders and the exploitation of data capabilities at the heart of digital business agendas. The research also found that data analytics was the area where technology leaders expected their investments to grow the fastest, and is only behind cybersecurity for where the most technology investment is going in the coming year. Members of the Technology Leaders Agenda 2021 advisory panel of CIOs and CTOs said that after years of hype around AI, innovations in the data ecosystem had finally reached enterprise maturity. As such, it was no surprise that AI and automation initiatives are increasingly being implemented. "AI and automation are now solidly delivering the use cases and value promised three years ago," says Nadine Thomson, global CTO at MediaCom.