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The ABC’s of GenAI in Financial World

A Report by CYS Global Remit FinTech Development Unit  



The insights from the EPAM 2024 Singapore Consumer Banking Report shed light on the evolving landscape of the banking sector. With the survey encompassing 9,000 retail banking consumers across nine countries, the findings reveal a consistent level of satisfaction across diverse demographics. Amidst this backdrop, the rise of Artificial Intelligence (AI) and its more recent iteration, generative AI (GenAI), is reshaping banking operations, marking a pivotal paradigm shift in the industry's foundational aspects.  


While banks have embraced AI primarily for internal process optimization like fraud detection and customer analytics, the broader deployment of customer-facing services based on GenAI has been relatively limited. This cautious approach is influenced by regulatory concerns and evolving customer attitudes towards AI technologies. Nonetheless, the success of banks hinges on their commitment to technological innovation, particularly in delivering personalized services where AI and GenAI are poised to play a significant role.  


For banks yet to fully embrace AI, a strategic approach involves incremental steps. Leveraging AI to optimize existing processes and lower costs is a starting point. Additionally, integrating genAI to enhance frontline employee insights and customer interactions presents new avenues for service improvement and customer engagement. However, fostering customer understanding and trust in AI is paramount. Banks must communicate transparently about data usage, protection measures, and the benefits customers derive from AI-driven services.  


As seen in the example of a Neobank in Europe, offering genAI-based digital assistants to interested customers can serve as a gateway to overcome AI hesitancy while providing personalized financial insights. Moving forward, as customer comfort with AI grows, banks can introduce more sophisticated AI-enabled experiences, such as customer service portals, to enhance interaction and engagement.  


For entities like CYS Global Remit within the Financial Services industry, embracing AI and leveraging data-driven insights is essential for driving innovation and delivering value to customers.  By aligning CYS goals with evolving technological trends and customer expectations, organizations can stay competitive and enhance their offerings in the dynamic landscape of financial services.  

  


Source: Epam 

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