Banks can use generative AI, with human oversight, to immediately and dramatically improve the service their agents provide to customers — for example, by preparing personalized customer insights that help them cross-sell products by rapidly pulling customer data from internal and external sources. The technology synthesizes it and generates a crib sheet, which updates dynamically during conversations or message exchanges.
Gen AI can also drive product and service innovation by scouring large volumes of unstructured data, such as contact center calls, to reveal what kinds of problems customers are having, what products they want, and more.
It can daft rapid, empathetic, context-rich, hyper-local responses in a customer's vernacular when queried — for example, when denying a customer a product or service but encouraging loyalty with an alternative.
And gen AI can provide agents real-time guidance through natural language chat on how to quickly perform complex transactions and resolve even the trickiest of problems — as it does at Commonwealth Bank, where gen AI interrogates 4,500 documents on the bank's policies in real time.
Banks can implement generative AI to better serve customers across the value chain.
Deliver more thoughtful investment recommendations, faster
One of banking's most time-consuming tasks is research from qualitative and quantitative information. Now, generative AI can do most of the heavy lifting.
With simple instructions, gen AI can find, digest, and combine real-time information on actual or potential investments from internal and external sources. It can then generate reports that only need a quick check before forming the basis of, say, a client presentation or a morning market commentary.
Such solutions also enable investment advisors to quickly make more thoughtful buy / sell / hold recommendations to clients in those critical minutes before the opening bell rings. And better investment recommendations mean happier customers.
Reduce the 'time to yes' for commercial loans
In commercial lending, generative AI can help relationship managers and credit officers approve a business-to-business loan approximately 60% faster by ingesting the relevant financial documents and writing a credit memo in seconds. The faster commercial clients can draw down on their loans, the more satisfied they are, leading to more business for the bank.
Accelerate financial crime investigations
While banks already use AI to help them spot financial crime, generative AI can help analysts complete a task in the investigation lifecycle that typically takes up to 30% of their time: narrative writing. For example, Apex Fintech Solutions is using riskCanvas™, Genpact's financial crime software suite with integrated Amazon Bedrock generative AI capabilities, to produce suspicious activity reports at the click of a button.