Webinar Recording

Most AI Projects Fail: Why the New Innovation Standards are a Missing Piece

"More than 80% of AI projects fail.” (RAND organization, 2024). In this webinar, we help Chief Innovation and Chief AI Officers in Financial Services (and their teams) to increase the success rates of their projects by discussing the new Innovation Standards

Our recent webinar, “Most AI Projects Fail: Why the New Innovation Standards are a missing piece for Financial Services and Gen AI” brought together two of the most important new developments impacting the financial services sector: 

  • The scramble to deploy AI (and specifically Gen AI) solutions; and

  • The release of the long-awaited ISO global standards for innovation management.

The reason these two topics are critical for FS leaders to understand is that “more than 80% of AI projects fail.”(RAND organization, 2024). Thus failure rate impacts all the Gen AI initiatives and use-case development being pursued (often frantically) by banks and other FS players.

One of the best ways for FS leaders to minimize this very high risk is by understanding and applying the new ISO 56000 global Innovation Standards - in a data-driven way. 

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During the session, the panelists discuss and share data & insights on:

  1. What the new ISO innovation standards are - and how North American Financial Services firms are performing, using 10 years of proprietary data benchmarking data;

  2. Why strengthening innovation capabilities matters for all FS players working with Gen AI projects - to help de-risk these critical, but highly uncertain projects; and

  3. How the new innovation standards could be applied to AI use-case development - walking through a worked example of fraud detection.

The session was led by a panel of three global experts in innovation & risk management in Financial Services, with decades of experience working with banks, fintech firms and other FS players in the US and globally. 

“I really liked it [and] found it useful that a concrete case was provided…and how a standardized model for implementing Gen AI can help address this kind of risk. Very insightful!”

Feedback from attendee.

Webinar Speakers

  • David Milligan

    David Milligan

    David is an expert in Innovation in Financial Services with over 20 years of experience, including leading innovation in a bank with 45,000 staff for over a decade. He also created an early bank-fintech matching platform, with over 7,000 curated solutions, later sold to KPMG. David was then KPMG’s Global Innovation Network, before leaving to found Ulysses Partners in 2020 to help US banks to innovate effectively. He is a licensed Innovation Management Practitioner.

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  • Avinash Singh

    Avinash is a global banking professional with over 20 years of experience gained leading teams across Retail, Private, Business, and Corporate Banking in developed and developing markets. He has also held senior roles in the second line and leads the risk and compliance practice where he focuses on the use of AI, data and technology to strengthen risk management programs. 

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  • Magnus Penker

    Magnus Penker, founder of Innovation360, has developed leading methodologies to help organizations implement profitable innovation strategies. He has co-founded and turned around over 30 companies. A prolific author, he has co-authored three best-selling books on innovation management, including the most recent title, Innovation by Design, an Amazon bestseller.

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