The financial services industry is going through numerous digital transformations to include generative AI as their main innovation.
There are three main business values —new product development, customer operations, and marketing and sales which represent most promising areas for new technologies.
AInalytics is a trusted partner that can assist in loan origination and decisioning. For example, our Gen AI solutions can extract textual content from customer interactions, loan and collateral documents, and public news sources to improve credit models and early-warning indicators. Or it can look at risk and compliance support, as many banks are doing, whereby gen AI can provide support to first- and second-line functions to identify relevant regulations and compliance requirements and to help locate relevant instructions.
Our customers are putting generative AI to work across the business system. They’re making the most progress in three areas: new product development, customer operations, and marketing and sales.
Financial Services are using gen AI to accelerate software delivery using so-called code assistants. These tools can help with code translation
In customer operations, banks are using gen AI to extract, search, and summarize unstructured servicing information and translate it into machine-readable instructions. That comes as a big relief. In post-trade services, banks are using gen AI to read the documentation on corporate actions and audit reports. It’s also being used to write loan contracts such as mortgages.
Marketing and sales is a third domain where gen AI is transforming bankers’ work. The most exciting opportunity might be in relationship management, where gen AI has the potential to take all voice and text interactions with clients (and internal discussions about the client) and use them to create an “RM assistant.” A gen AI–powered tool on the RM’s desktop can help with tasks such as investment ideas, sales, and product policies nearly instantly.