“Finding the right strategy: Build or buy AI for FinSec Bank.”
Title: A FinTech Approach at FinSec: Leveraging Machine Learning to Enhance Banking Services ————–
## Case Background/Context —————————————–
As one of the country’s largest and oldest financial institution, *[Company]* has remained resilient amid the rapid *[Purpose?|What?|Why ?)* digitization and tech disruption. Finely tuned *[Strategy Statement]*, [Company] strives to maintain their market position and expand *[Target Industry & Audience ?*|Markets]. However, to stay competitive *[PURPOSING!]* FinTech firms *[Competitors ?]*, *[Company]* has re-evaluated their approach towards technological advancements. They believe implementing an Artificial Intelligence (AI) strategy, which aligns closely with current banking market trends could give them the advantage needed over their competitor base. Despite a successful history, the uncertainty around AI remains *[]* to *Fin Sec*. A significant change *such [this]*, necessitates the need to examine different strategic alternatives. Thus the critical decision for the firm: To invest in building the AI expertise internally or consider acquiring external partners for this task. The objective **[Clarity!)**\*\* of **[THIS CASE SECTION]****: *Understand [Fin Click This Link [Problem Statement](## \*\*)*. \^\*\*To accomplish
*\*the\*\*. This paper is structured as an **analyst write-up**. *Please refer to Appendices
*[A, B, A\*+]* where we’ve collated more data points &
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Charting an AI Course – Build or Buy?
**Section: My First-Person Accounts** – As part of our research, Michael Parzen narrates: “My first experiences were in the trenches working with large enterprise customers during their tech evolution. The biggest mistake we made when working with banking systems was underestimating internal knowledge needs for an Artificial Intelligence integration”. As his expertise grew, he noticed an alarming lack of AI knowledge across finance sectors globally. “There was a sense of not being able to communicate with tech. There were few resources available, little trust, and little investment.” The challenges he observed included: data privacy concerns, difficulty in accessing structured data from unstructured formats
“Explore the AI landscape: FinSec’s charted path ahead”
As part of this investigation, the previous narrative sheds some light on Michael’s personal story. In the next sections, let
“AI Course: FinSec Bank, Build or Buy?”
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Michael Parzen, head of strategy and operations at FinSec Bank, is no stranger to digital disruption.
Michael Parzen suggests building an AI course in-house for better control and customization.
Case Background / Context (one page) (FinSec Bank is a New Jersey-based FinTech startup offering investment
“AI and FinSec: Should we build or buy for the right charting solution?”
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I find this case a bit overwhelming as a topic given Michael’s background as a business technologist – someone who focuses on technical business solutions. AI is still fairly uncharted territory for most in the world including me, so building an extensive business acumen while trying to learn about these exciting new possibilities will be somewhat demanding for someone as inquisitive as Michael. On a positive note, FinSec bank’s investment model and use of AI will likely provide us an exceptional lens in which to study these emerging markets.
“FinSec Bank’s AI investment strategy: Build or Buy?”
I recall many court battles where opposing sides would try to paint an accurate picture of the relevant evidence before us. In this section, I discuss the various legal issues raised when it comes to creating or buying AI technologies – this section will help guide how you proceed, given Michael’s focus on tech.
“Building AI from scratch or buying pre-built solutions: What’s the right path for FinSec Bank?”
Local Law Practices
“Charting a course: AI buy or build decision”
My war story about working in local law practices makes it clear they can sometimes prioritize shortterm financial gain,