Can GenAI become your bank’s new superpower?
You know how they say the road to innovation is rarely a solo journey? It’s especially true in the fast-paced banking world. Integrating with third-party solutions opens up a world of possibilities. We’re talking streamlined services, accelerated development time, and seamless customer experiences.
With how customers today are demanding more, banks would need reliable partners to deliver on those expectations. Teaming up with third-party providers may feel like a step into unfamiliar territory, a big risk, but think about what you’d get in exchange. From simplified enrolment processes to all-in-one financial management tools, it’s like having a personal concierge for your finances!
Now, while that sounds perfect, here’s the catch: data is the lifeblood of these integrations, and managing it is no walk in the park. While third-party partners offer invaluable insights into many things — KYC, risk management, fraud detection, and personalisation — banks must be extra vigilant about data governance and security protocols. After all, no one wants sensitive information to fall into the wrong hands.
There’s also the regulatory side of things. In many regions, open banking regulations push for secure API adoption, fuelling more competition and third-party involvement. This could mean better service quality and more consumer options, but also a wake-up call for banks to future-proof their offerings through strategic partnerships.Imagine effortlessly crafting, analysing, or adjusting large amounts of information without lifting a finger. Generative AI (GenAI) is helping to make that a reality. You might already be a personal user of services like ChatGPT, but GenAI goes beyond individual use.
This revolutionary tech analyses massive amounts of data, automates routine tasks, streamlines customer service interactions, and creates personalised financial advice. With its remarkable ability to understand and respond like humans, GenAI is transforming the financial services industry and propelling banks to new heights.
Unlike traditional AI, GenAI’s versatility allows it to convert various types of content — charts, data, video, audio, and more — into a single format of your choice, be it a detailed report or a compelling video.
The potential is immense. But as exciting as this tech is, the road ahead can still be bumpy. Banks need to carefully consider data quality, privacy, and governance. The future is bright for those who can master GenAI responsibly.
Top five ways banks can use GenAI
Now, the question is, is your bank ready to embrace the power of this technology? Let’s look at these top five use cases for consideration:
Content creation: GenAI can generate fresh and creative ideas for investment content and campaigns. It can even whip up personalised messages and visuals based on individual behaviours and preferences, making your outreach truly stand out.
Portfolio optimisation: GenAI crunches numbers like a pro. It analyses market trends, economic signals, news, and financial reports to uncover valuable insights, spotting potential risks and even fine-tuning investment portfolios to align with an individual’s risk tolerance.
Content consolidation: Relationship managers can immediately generate summaries of key market news, consolidating large amounts of data into a small number of easy-to-digest bullet points.
Code completion: With GenAI, developers can code more accurately and consistently. Once developers start typing common functions or loop structures, GenAI will complete them. Trained on extensive data, these AI models understand context and coding styles, enabling auto-completion and suggesting bug fixes for common coding errors.
Chatbots: The chatbot takes a customer’s enquiry, reads various sources, and then consolidates the information into a customer-friendly reply. This is a step forward from the static FAQ model, allowing clients to ask dynamic queries and feel like they’re talking to a human when they get a response.
GenAI is not just a futuristic concept — it’s here to transform banking. Looking for a sign? Now’s the best time to embrace this game-changing tech. Become the bank that wields GenAI like a superhero, transforming the way you serve your customers.
To discover how you can implement GenAI solutions, feel free to reach out to our expert, James Dellborg, Manager, at james.dellborg@synpulse.com.
What's next?
Next week, we’ll delve into AI and automation in financial crime and compliance. Stay tuned for more industry-leading insights, delivered straight to your inbox every Friday. Don’t miss out!