Nationwide pledged this week to invest $1.5 billion in technology innovation initiatives through the end of 2028, including $100 million in annual outlays earmarked to advancing artificial intelligence.
Nationwide CEO Kirt Walker said in a statement that the technology investment roadmap reflects the “world’s next industrial revolution.”
“It’s happening now, and it’s powered by artificial intelligence that is transforming how all of us work,” Walker said. “Our modern mutual structure, which combines the long-term vision of a mutual and the agility of a public company, allows Nationwide to capitalize on this revolution.”
As Walker detailed, the technology and AI acceleration work will benefit customers and business partners by making it easier for them to do business with Nationwide and by protecting client data in an increasingly high-risk digital security world. In addition, Walker said, the technology investment will follow three key themes. These include “human-machine collaboration,” “AI tools helping customers solve problems” and “evolving our operating model.”
Short-term goals include having 90% of employees “actively using everyday AI platforms” by next year, with tools being embedded across workflows to help employees focus on higher-value work. To that end, the company has already deployed six AI initiatives and identified 18 “flagship use cases” across its businesses.
As before, the work will be driven by two teams exploring AI capabilities. The so-called “Blue Team” creates and tests the benefits of AI such as added efficiency, customer service opportunities and new use cases to help its businesses support customers. The “Red Team” considers compliance, risks and vulnerabilities.
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