Shastic’s Post

"GenAI is a chance to reimagine the way of working that we want,” says Keri Smith. “You don’t want to copy and paste broken processes and then just add technology on top of that.” Wise words! Read Keri's full interview for her thoughts on how #banks can move strategically toward #AI adoption.

Great insights on the impact of AI in Financial Services and relevant considerations for Banks at different stages in their AI journey.

Having met with some of our Banking Executives in Australia and New Zealand last week, the major discussion theme was around the rapid uptake of Gen AI and use cases to drive value and automation. Commercial banks can achieve the greatest immediate impact from generative AI through empowering relationship managers; streamlining commercial underwriting; enhancing risk management and compliance through automation of tasks; and increasing change velocity. Read Accenture’s Jared Rorrer and Auswell Chia blog on four ways Gen AI will transform commercial banking. https://accntu.re/45b4qdv #GenerativeAI #CommercialBanking

GenAI can significantly contribute to the augmentation of banking staff enabling quicker customer service. In this recent #Forbes article, Accenture’s Michael Abbott explores the transformative power of #GenerativeAI in #banking. https://accntu.re/3P6ETeR

Banking on AI: Navigating the Financial Frontier Imagine walking into a bank where AI assistants greet you with personalized insights, adeptly adapted to your unique financial goals. In 2024, this won't be a distant fantasy, but rather a notable reality as AI continues to reshape the banking industry. The age of AI is not about daring predictions; it's about transformative shifts already in play. This week, several significant stories showcased how AI is grounding itself as a pillar in banking. From enhancing customer experience through generative AI to navigating unseen risks, the banking landscape is rapidly evolving. Morgan Stanley, for instance, is pioneering with AI-driven financial advice, seamlessly pairing robust data analytics with human expertise to craft personalized customer strategies. But why is AI crucial for banks today? Well, consider it a catalyst for change that goes beyond mundane automation. AI's integration is often guided by strategies that blend human and machine roles—skills banks must cultivate to increase productivity and touchpoints in digitally dominant environments. As banks dance with these technological advancements, they're also navigating regulatory frameworks that must evolve in tandem to support innovation rather than stifle it. As the AI revolution accelerates, banks face an imperative to adapt and harness this technology thoughtfully. Notably, banking's core functions remain unchanged, yet AI's infusion promises to redefine how these functions are performed, enhancing efficiency and, ultimately, trust. In a world where AI offers unprecedented possibilities, the trailblazing banks of 2024 will be those that masterfully balance strategic innovation, human insight, and technological exploration. Sources: Forbes- https://www.forbes.com #AIinBanking, #TechInnovation

GenAI: A Game Changer for Banking and Financial Services   While human-like chatbots haven’t replaced loan officers and investors still rely on more than just robo-advisors, Generative AI (GenAI) is already revolutionizing the financial services and banking industries. According to the McKinsey Global Institute, GenAI could add between $200 billion and $340 billion in value to banking alone, making it one of the top industries poised to benefit from this technology.   The key driver of these gains? Enhanced employee productivity. GenAI’s ability to generate content—whether text, images, or data summaries—streamlines work and boosts efficiency. A prime example is Marsh McLennan, which launched LenAI, a GenAI assistant that helps employees draft communications, find information, and summarize documents. In just 30 days, 15,000 employees embraced the tool, with 94% reporting improved productivity and efficiency. On average, they saved eight hours per week and spent 20% less time on repetitive tasks.   GenAI has the potential to redefine how banks interact with customers, shape new risk management strategies, and open new revenue streams. But for now, many banks are focused on incremental innovations—small, meaningful improvements that collectively transform operations. As Miriam Fernandez of S&P Global notes, “It’s about little steps and little gains that together make a big difference.”   Brisken’s AI Solutions for Financial Institutions   At Brisken, we provide AI-driven solutions that automate financial data processes, enhance anomaly detection, and improve governance, helping banks leverage GenAI to boost productivity and drive innovation. Our tools are designed to empower your team, streamline workflows, and unlock new opportunities for growth.   Ready to see how Brisken can help your team thrive in the GenAI era? Connect with us to take advantage of our AI-driven solutions and take your business to the next level!   #GenAI #Banking #BankingInnovation #Brisken #AIinFinance #FutureOfBanking

⭐Discover our newest blog post highlighting why it's crucial for banks and credit unions to team up with specialized AI providers with domain expertise to harness the next generation of AI agents.🤖 Dive deeper into the article here: https://lnkd.in/g-zSnm3K Contact us today to explore how our custom AI solutions can transform your banking operations. 🌐💡 #GenerativeAI #CreditUnions #BankingAI #CustomerService #KnowledgeAssistant #interface.ai

Had a great conversation with the OG CDO Allison Sagraves on Data and AI in banking. Thanks to Christopher McGee for his insights and to Priya Iragavarapu for guiding the conversation. Bringing #genai to life in regulated industries like banking is complex. Humans are a must and their insight, oversight, and expertise need to be incorporated across the lifecycle. Appen has been doing this for over two decades. We are here to help. https://lnkd.in/eyp4eGb6

💥New Research for my banking friends & a webinar focused on The Future of Banking!

NEW RESEARCH: The banking industry is on the cusp of transformative changes with AI and generative AI (genAI) technologies. These advancements have the potential to revolutionize customer relationships, deliver personalized digital experiences, enhance customer service, and combat fraud. Furthermore, they could shift the banking mindset from product-centric to relationship-centric, fostering greater customer trust. Leading banks are adapting by adjusting strategies, embracing innovation, and deepening their understanding of customers to pave the way for the future. Interested in learning more about these strategies and preparing for the evolving landscape of banking? Explore my latest blog for valuable insights. Forrester clients can also participate in the upcoming Future Of Banking webinar and delve into the latest report. #Banking #FutureOfBanking #CustomerObsession #Trust #fintech #openbanking #digitaltransformation #personalization #genAI Forrester