The Financial Services sector has undergone substantial digital transformation in the past two decades, enhancing convenience, efficiency, and security. Gen AI is now catalyzing a significant shift, with 78% of surveyed financial institutions implementing or planning Gen AI integration. Around 61% anticipate a profound impact on the value chain, enhancing efficiency and responsiveness. Globally, institutions foresee a 5 to 10 year timeline for full automation harnessing, strategically investing in areas with immediate benefits, such as customer service and cost reduction.
This has become a top priority, as it directly impacts customer satisfaction, loyalty, and ultimately, the success of the institution itself. Currently, there is a growing need among Indian banks to utilize Gen AI-powered virtual agents to handle customer inquiries. Adding Gen AI to existing processes helps banks convert customer call to data, search knowledge repositories, integrate with pricing engine for quotations, generate prompt engineering, and provide real-time audio response to customers. This, in turn, improves user experience as it minimizes the wait time for the customer, reduces redundant and repetitive questions, and improves interaction with the bank.
Identifying a use case necessitates substantial effort in prioritization, cost-benefit analysis, and strategic considerations regarding technology and data architecture. Therefore, financial institutions worldwide are typically exploring only 7-10 crucial use cases on average. Our survey confirms this pattern, as 45% of participants have emphasized that identifying use cases and inadequate focus on Gen AI initiatives are among the primary obstacles when implementing Gen AI.
Discover more about the Generative AI in India - 'The AIdea of India: Generative AI's potential to accelerate India's digital transformation'
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