Generative AI in Banking

Generative AIs impact goes far beyond cost-effectiveness

GenAI's capabilities mean it can be used to carry out tasks previously restricted to humans, but its potential goes much further than the abilities of the often-quoted parallel with a large group of diligent and effective people. This is because of the technology's ability to access a vast amount of data and at speed, meaning its answers are always synthetized from a wide range of inputs. Moreover, applications can be rolled out at a comparatively low cost, transforming multiple dimensions of operations:

Revenue generation through closer customer engagement: Banks can use chat bots to offer conversational interactions to customers who do not engage well with click-/tap interfaces - a group that includes both seniors and younger cohorts (who prefer talking to clicking). Internal bots, meanwhile, can serve as interactive sales coaches and sparring partners for RMs, as well as produce engaging and convincing content for CRM and marketing.

Transforming the customer experience: Due to a lower cost base and faster response times, Gen-AI supported agents can offer advice 24/7 and without the customer needing to navigate an interactive voice response (IVR) or wait in line. They can help humans respond about three times faster than if they relied on traditional CRMs and knowledge bases. And working alone, the technology can offer human-like interactions, while being more knowledgeable of product features and terms and conditions than any call center agent. Moreover, they can streamline back-office operations so that the bank can process documents, for example relating to loan applications, in minutes instead of days, again raising service levels significantly.

Risk management: GenAI offers a step-change in the timeliness and exhaustiveness of risk management, for example equipping managers to systematically monitor credit portfolios instead of sampling them periodically. Equally, banks can use GenAI to track company reports or relevant news flow in real time.

Competitive offering: No product or strategy team can monitor market movements and competitive dynamics with the relentlessness of a GenAI agent. And when it comes to new products, GenAI's coding abilities are well known, enabling agile development and speeding up creation of product rules and sales manuals.

Author

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