Transforming Financial Services: The rise of Generative AI and its impact on banking
How is Generative AI improving efficiency and customer engagement in financial services?
VeriPark has been using artificial intelligence (AI) for years to transform front- and back-office operations and customer experience in banking and financial services. Our ability to deliver reactive applications, such as predicting customer buying behaviour and automated chatbots, has yielded immense value to our customers. Now the recent and rapid rise in Generative AI (GenAI) is enabling us to develop new proactive and conversational AI solutions for intelligent banking.
What does this mean for banking? From frontline assistance to personalized marketing and debt collection enhancements, the potential applications of AI are vast.
GenAI for financial institutions is not just a technological advance but marks a fundamental shift in how they will operate and serve their customers, fostering intelligent banking interactions. This is evident in the fact that, according to Gartner, most financial services leaders are now incorporating the use of GenAI into their business strategies. McKinsey has also identified three areas where GenAI adoption in banking is already making significant progress:
- Improving workflows (faster, cheaper, more accurate) and reducing friction in back-office operations
- Delivering detailed risk profiling of customers, risk analysis and risk mitigation strategies
- Enhancing customer experiences, with customers engaging directly with conversational-AI or with GenAI acting as copilot for frontline advisers to accelerate their information processing and ability to provide customers with personalised services.
Among the GenAI trailblazers are OpenAI, with its world famous ChatGPT platform, and Microsoft, which is now deploying OpenAI’s technology across its consumer and enterprise products. This is enabling Microsoft to build new digital experiences, such as its Azure OpenAI Service for application developers, and integrate ChatGPT into Microsoft Dynamics 365 (on which VeriPark has built its seamless end-to-end solutions).
Introducing GenAI CoPilots – your new frontline assistants in intelligent banking
In March 2023, Microsoft took the next step with the launch of Microsoft Dynamics 365 Copilot. This uses GenAI to drive innovation in enterprise resource planning (ERP) and customer relationship management (CRM), such as our VeriTouch vertical CRM solution. Copilot’s sophisticated processing and orchestration engine integrates GenAI capabilities and Microsoft 365’s robust framework of apps with your business data.
As a result, Copilot can seamlessly import and implement your company’s vital security, compliance, and privacy protocols. Its multifaceted features, including two-factor authentication, compliance boundaries, and privacy safeguards, make Copilot a reliable GenAI solution that you can trust.
VeriPark, an enthusiastic supporter of Microsoft Technologies, has consistently utilized Microsoft technologies to craft specialized solutions for the Financial Services Industry. Now, we're tailoring Microsoft CoPilot technology specifically for financial services, customizing innovations to align with your strategic needs in intelligent banking.
We're designing role-specific and task-focused CoPilots, addressing the needs of different professionals:
- For Relationship Managers striving for faster resolution of customer queries.
- For Sales and Marketing professionals leveraging generative AI to create content and bolster sales.
- For Mortgage Advisors using AI's support to assess compliance and detect regulation breaches.
- For Operations Team members actively resolving imminent issues through AI-driven solutions.
Additionally, we're crafting task-oriented CoPilots:
- Chatbots equipped with reasoning and data extraction abilities.
- Virtual assistants specialized in the financial sector, proposing alternative offers for clients.
- Service request companions adept at understanding and proposing solutions for customer issues.
Our collaborative approach means we can offer our financial customers unparalleled support in developing and using our enterprise-AI CoPilots, powered by GenAI and Microsoft Dynamics 365. This includes:
- Creating intelligent, personalised, and sustainable banking experiences
- Enhancing relationship management, sales, operations, and financial offerings like mortgages
- Providing faster customer responses, content creation, compliance support, and more.
Scenario: Your GenAI Branch Manager CoPilot from VeriPark
Meet Darian, a Branch Manager seeking to optimize his workflow, now empowered by the Branch Manager CoPilot within the Branch Manager Dashboard.
Upon accessing Copilot, Darian immediately notices three fixed deposit accounts approaching maturity within a week. With a simple selection, he opts to contact these customers directly through the CoPilot interface.
Utilizing Copilot’s capabilities, Darian effortlessly generates, and dispatches personalized emails tailored to each customer. Meanwhile, he conveniently tracks all interactions within the dedicated "Generated Emails" tab.
As responses trickle in, Darian swiftly takes action—seizing opportunities from positive replies, capturing potential leads, and initiating new Sales Processes seamlessly integrated into Dynamics 365. In cases of customer complaints or concerns, he proactively initiates a Case Process to address and resolve issues promptly.
With the Branch Manager CoPilot, Darian:
- efficiently manages customer communications,
- tracks engagements,
- initiates critical processes,
- streamlines his responsibilities for enhanced productivity.
VeriPark’s solution not only ensures compliance and delivers at speed but also builds trust in Darian’s decisions. It doesn’t replace people but instead enables Darian to question the CoPilot directly and suggest modifications as necessary, while saving his time. That’s because we have built it on robust architecture, powered by Azure Services, Bing Search, ChatGPT and other aspects of the Microsoft Copilot system.
Take the next steps in your GenAI journey – speak to VeriPark today
GenAI is revolutionising financial services by placing customer-experience, risk mitigation, and operational excellence at the forefront of modern banking. Our CoPilots can help you enhance your decision making while ensuring you comply fully with your stringent security, privacy and compliance requirements. Contact us today to discuss your needs and aspirations for using GenAI to create a distinct competitive advantage.
