Fremont, CA: Despite the ongoing enthusiasm surrounding advances such as generative AI (GenAI), artificial intelligence (AI) in banking is shifting from a hype phase to a more practical one. While artificial intelligence may provide banks with a formidable arsenal for improving the customer experience and staff productivity, it is not a cure-all. With so many AI solutions available, selecting the correct AI match for a bank through rigorous planning and concentrating on areas where AI shines is critical to realizing its full commercial potential.

The banking sector has seen several examples where financial institutions identified the best fit for AI deployment and effectively exploited the technology to produce concrete value.

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Intelligent Cash-Flow Predictions

Machine learning can estimate cash flows for business customers, reducing the need for manual, time-consuming financial data analysis. The models take into account previous cash-flow patterns and payer behaviors, and they can detect intricate correlations and hidden patterns that traditional approaches may overlook. This first phase allows financial specialists to supervise the process, validate the outcomes, and focus on the concerns. This enables banks to realize demonstrable advantages by optimizing their working capital management.

Streamlined Customer Onboarding

AI can automatically extract meaningful information from papers such as IDs (identification documents), passports, and utility bills, including names, residences, and dates of birth. The collected data may then be entered into specific fields in an application, eliminating manual labor and speeding up onboarding while increasing efficiency and cost savings for a bank.

Collector’s Call Summarization and Note Capture

GenAI can boost the efficiency of collection agents by transcribing call records and translating audio to text. GenAI may also examine existing notes from agents to discover critical areas and highlight keywords relating to issues, resolutions, and customer mood. Based on these insights, GenAI may also provide succinct call summaries, allowing banks to considerably reduce Average Handle Time (AHT) and increase agent productivity by allowing them to interact with more clients.

Smart Supply-Chain Program Automation

GenAI can also process text in sales contracts, detecting essential elements such as product names, quantities, delivery dates, and price terms. This data may then be utilized to manage the supply chain and critical vendor relationships.