Banking sector is an ocean of opportunities, risks and strategic investments. With a gamut of complex tasks and analytics associated within this industry, there is a predictive chance of AI, more specifically Generative AI or GenAI, taking over and benefitting these financial institutions by performing extraordinarily in terms of task efficiency, risk management, decision making, security of money and even fraud detection.
Remarkable uses of GenAI in Banking Processes
Probably banking industry has always been the early adopters of technology. Their gigantic leap by introducing online banking lately was a game changer and today we see it being readily accepted by the users. The next big transformation must be through GenAI so let us understand how and why GenAI is the new speculation that is garnering intense attraction all around:
- Faster operations
Artificial Intelligence has the capability to automate repetitive and ordinary tasks in the most functional and easy way. It streamlines anything that is as mundane as data entry or data validation with utmost precision. Hence, lowering the operational cost, maintaining financial accuracy, more strategic inputs and most valuably higher productivity.
- Customer Support
We have experienced the exemplary usage of chatbots for resolving customer queries, inquiries, or simple interactions. GenAI simplifies it by providing real-time solutions and engagements based on predefined logics. For e.g., a user wants to know about the interest rates that “BANK X” is providing and he/she spontaneously gets the desired result. The customer’s experience soars right away thereby enhancing customer’s engagement with the bank.
A study by Forrester has laid that 72% of customers find it satisfactory when the products as suggested as per their requirements.
- Fraud Detection
It makes so much sense that by just keeping a track on the behavior of the users through their transaction history, payment patterns, location or the operating system they have been using for the longest time, a conducive environment can be fostered which has lesser scope of fraudulent activities.
A report, the generative AI advantage in financial services, by KPMG in the US has revealed that 76% of the executives have been planning to use GenAI for fraud detection and prevention.
Religent Systems is one such enterprise that has experts that have enormous potential to deploy a GenAI technology perfectly as per the convenience and usage of any banking or financial institution. The objective is to intertwine the GenAI technology so intricately within the system that it improves the productivity instantaneously. We shall help you with:
- Financial Advisory
GenAI has the capability to store and fetch huge data. Therefore, based on client’s financial investments, their credit score, the institution’s own library and as per experience of the wealth managers, GenAI may exquisitely provide the customers with the most appropriate financial solutions. An added advantage will always be accuracy and low risk as GenAI already has vital market insights.
- Powerful Sales
The intelligent tank that GenAI is, it may be easily used to cross sell and up sell products to the consumers. As per the requirement of the users, the banks may use GenAI to additionally suggest products and services to them.
GenAI are efficient at data mining. As soon as a real-time chatbot will realise the need of a particular kind of demand that a customer may ask for, it may redirect it to the specialized employee. This simple yet impactful act will help the employees to market the correct products and services of the company resulting in better returns overall.
- Customer Satisfaction
Customer Service Trends Report, 2024 shared that the AI technology in banking world will catapult close to $407 billion by 2027, and a massive 68% of the support teams believe that it has already taken over the customers’ belief.
Imagine interacting with somebody virtually who is responding as empathetically, spontaneously, accurately and diligently as if it were a human! GenAI is built to satiate the needs of customers as efficiently as perhaps any experienced employee would do. The idea is to use technology to gain customer loyalty, build affinity and gain assurance in their financial aspects.
Religent Systems propels an atmosphere wherein our clients get access to tools and technology based on AI that diminishes the chances of inaccuracy or inefficiency rather it helps to build a responsible, time-bound, customer-centric, and profitable environment. The value will always be to setup a healthy customer and business relationship with optimum monetary returns.
