Publicis Sapient: How Gen AI Helps Banks Engage Customers
Today, AI is among the biggest talking points in banking as financial institutions look to integrate generative AI capabilities into existing infrastructures.
If 2023 was the year of Gen AI hype, then perhaps 2024 may prove to be the year of Gen AI integration.
At MoneyLIVE Summit 2024, we spoke to Dave Murphy, Head of Financial Services for EMEA & APAC at Publicis Sapient, who reminded us that AI has already been in play at banks for some time.
Publicis Sapient: Gen AI in banking
“When talking about AI it’s important to remember there’s a predictive element, which has been employed long before the emergence of Gen AI, and something banks are now looking to integrate,” he says.
“Predictive AI has been used to drive advanced levels of personalisation, taking several disparate data sets and aligning them to recommend the next best action, so banks can best serve their clients.
“Gen AI is the new bit, and it has stimulated two things. The first is higher conversations on banks’ predictive AI-based services, because the word ‘AI’ alone has really come to the fore with the emergence of Gen AI, and people are now more willing to engage with it.
“The second is a growing realisation that if financial organisations want to use AI right then firstly they need to get their data right – so there’s a big focus on having the right data platforms, machine learning environments and data engineering tools.”
“Gen AI is helping is by enhancing the way a bank’s employees engage with customers. Improvements include capturing knowledge, for example.
“If you’re a relationship manager at a financial management firm and you're looking to improve an investment trading option, Gen AI can help generate packs for customers.
“So it's getting applied in a way where you still effectively have a human who is the final filter before it goes in front of a customer. I like to think of it as moving humans from becoming authors to becoming editors.
“It will free up time for employees to undertake more value-added work, which is undoubtedly a positive for banks and other financial organisations.”
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