More importantly, success will strongly depend on formulating viable and high-value use cases, steering clear of the risks, and setting the right expectations early on. Consider the following three checkpoints that will mark the GenAI adoption journey of every BFSI organization in the coming years – i.e., high-value use cases of the technology, key risk factors that could hamper adoption success, and myths to debunk before starting your GenAI adoption journey.
Where are the opportunities?
Key use cases of GenAI in BFSI
Personalization attains a new meaning in the CX vocabulary
GenAI will personalize services for BFSI customers to a level never seen before. In the coming years, customers will interact with GenAI-powered virtual agents in real time. Unlike hard-coded AI assistants of today, these virtual agents will deliver human-like problem-solving on call without long waits and carry out empathetic conversations with users.
Moreover, personalization will also come in the form of natural language summaries of customers' financial activity through apps tailored to individual users' needs and marketing messages that truly appeal to each customer, addressing their specific unique needs.
Faster loan disbursal processes, turbocharged by GenAI
A significant number of bottlenecks, right from loan form submission through any means to the disbursal process, can be eliminated with GenAI. These include recommending the right loan product, identity verification, summarization of credit scores, and customer onboarding.
With GenAI, the loan disbursal process will become even faster than today, enabling financial institutions to disburse loans to customers on the same day. This will lower the cost per application, maximize loan portfolio growth, and improve liquidity management outcomes.
Advancing trust and security with blockchain-GenAI integration
While blockchain is already enhancing the transparency of operations of BFSI companies, integrating this technology with GenAI will significantly advance the trust and safety of the digital architectures underpinning modern banking and financial services.
Besides many other offerings, smart contracts created by GenAI and complex financial agreements can be executed faster, and existing AI fraud detection techniques can be bolstered against more advanced fraudulent activities with generative adversarial networks (GANs).
Maximizing operational efficiency with GenAI and automation
Today, several processes that humans execute are prone to errors. These include data capture, document verification, and document-intensive risk and legal workflows.
GenAI’s text processing and analysis capabilities will significantly improve the accuracy with which these processes are orchestrated at BFSI organizations. This will maximize operational efficiency and lower the cost of operations as the human workforce shifts their focus to more value-added tasks.