GenAI opportunity in the Financial Services Sector

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In this episode, Pratik Shah, Partner and National Leader – Financial Services, EY India, highlights how Generative AI is accelerating transformation in the financial services sector. From conversational banking to smarter credit decisions, GenAI is redefining customer experience and operational efficiency at scale.

Key takeaways

Conversational banking: GenAI agents can power multimodal interactions, enabling customers to receive advice and complete transactions seamlessly.
Smarter decisions: AI-driven tools are transforming sales journeys and credit assessments, reducing turnaround time, and enhancing decision quality.
Scale and efficiency: By automating millions of customer interactions and workflows, GenAI is delivering unprecedented productivity gains across financial institutions.

For your convenience, a full text transcript of this podcast is available on the link below:

Pratik:

Hello everyone, my name is Pratik Shah. I lead the Financial Services market segment for EY. When it comes to GenAI, the financial services (sector) has been rapidly adopting it and is moving at a fast pace.

What once seemed like science fiction is now becoming a reality very soon. It is not far off when you open your banking app and converse with an agent— say Jarvis— who would help you decide where to invest your money and also execute the transaction based on your feedback. The future is going to be conversational. The future is going to be multimodal.

The use cases in financial services are many. Recently, a FinTech in the US used AI for 2.3 million customer interactions in just one month of their transaction load. That eliminated the need for 700 agents. This not only brings a high standard of customer service but also delivers significant efficiency.

Specifically in financial services, we are seeing use cases across sales where a sales copilot is used in an assisted journey for a relationship manager to explain product features and capture the customer interactions.

On the credit side, a credit assessment memo using GenAI for sentiment analysis and financial spreading can bring down underwriting and credit assessment time significantly, allowing the underwriter to focus on quality decision-making.

Sales and collection are two great conversational use cases of GenAI, bringing productivity and efficiency, practically making the call center agent-less after a point in time.

Productivity gains also come from automation, which brings in a lot of efficiency, including the automation of workflows and manual processes using GenAI.

Financial services is trying to adopt multiple use cases, focusing on improving customer experience, driving customer delight, and bringing in efficiency as they go through this journey. And this journey is moving very quickly.

Presenters

Pratik Shah

Partner and National Leader – Financial Services, EY India

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Podcast

Episode 29

Duration

3m 4s

In this series

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.