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AI Revolution in Banking: Generative Tech to Boost Revenue and Personalize Services

TECHNOLOGYAI Revolution in Banking: Generative Tech to Boost Revenue and Personalize Services

According to the report “Capturing the full value of generative AI in banking” published by Kinsey & Company, GenAI has the potential to increase the annual revenues of banks by as much as 340 billion dollars. This is primarily due to the high level of productivity offered by intelligent optimization mechanisms, including the automation of daily duties. Experts at Creatio believe that the financial services industry is becoming increasingly aware of the benefits derived from the implementation of AI, and that the year 2024 will bring a breakthrough in the process of implementing AI-based solutions.

Artificial intelligence is no longer optional for companies. Currently, the decision to implement it may determine the competitiveness of enterprises in an increasing number of industries, including banking. AI-based solutions provide support in the decision-making process, facilitate the analysis of market trends, and assist companies in building relationships with customers. With the wide range of benefits offered, it has the potential to revolutionize the banking industry.

Artificial intelligence can significantly affect the level of interaction between the customer and the brand. Banks use this solution to personalize their services. After analyzing customer data, AI can propose a range of recommendations and offers tailored to the needs of a particular consumer. Another significant convenience is the continual improvements made to chatbots. Interactions with them are becoming increasingly similar to conversations with humans. They can provide users with answers to specific questions, support in ongoing matters, and reduce the need to make phone calls to banks to resolve less complicated issues. This allows consultants to focus on supporting customers who require help with more complex issues, therefore improving the customer service process on both sides, observes Andie Dovgan, Chief Growth Officer at Creatio.

To accelerate the process of achieving business objectives, implementing innovations, and mitigating the effects of the skill gap in the programming environment, it may be worth considering using AI-based no-code platforms. These platforms are gaining popularity due to their inclusiveness in programming context. Thanks to their drag-and-drop mechanism, individuals with no programming experience can actively participate in the application creation process.

Tools supported by generative artificial intelligence open up additional possibilities for companies, emphasizes Andie Dovgan. Combining these two solutions enables building applications without programming, but mainly based on issued commands. The person working on the program can explain what functions the end product should have, and in response, artificial intelligence translates the requirements presented to it into lines of code.

AI-based mechanisms allow banks and their customers to react quickly to potential fraud and threats. They efficiently inform the consumer through reports or notifications about detected suspicious activity related to their account. They also equip him with an action plan to secure their assets.

Implementing AI enables companies to effectively automate security on their digital platforms. With the use of Natural Language Processing function, artificial intelligence can analyze existing legal acts responsible for regulating security rules. This solution allows banks to effectively detect potential areas of non-compliance and to introduce necessary modifications.

According to Creatio experts, generative artificial intelligence will have a significant impact on the future of the financial services industry. The level of personalization it offers has the potential to set a new customer service standard. The synergy with no-code platforms will promote a new, more inclusive way of creating applications, where the knowledge and experience of staff outside the IT department is taken into account. The implementation of artificial intelligence, due to the benefits it offers, will be key to maintaining competitiveness in an increasingly digital business environment.

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