Revolutionizing financial services: The impact of artificial intelligence
AI is transforming the banking industry. Explore key impact areas, use cases, the power of content intelligence and indicators of AI-readiness.
AI is transforming the banking industry. Explore key impact areas, use cases, the power of content intelligence and indicators of AI-readiness.
There are no shortage of challenges in the banking industry.
From competition to personalization, the list of disruptors is long and continues to evolve.
During a webinar hosted by American Banker, Hyland VP of Financial Services Patrick Zientara said innovative banks should focus on three key priorities:
“It’s essential that we are continuing to focus on these things as we move forward,” Zientara said.
> Watch the webinar: How AI is transforming bank operations
Transforming operations can be difficult, however, when several key factors continue to hold financial institutions back.
How can financial institutions address these challenges? Experts from Hyland and Capgemini provided insights in the American Banker webinar.
Decision-makers who say most of their content isn’t AI-ready
Organizations seeing or expecting to see a drop in operating costs via generative AI
Employees who believe gen AI will enrich their roles
AI is already in the house and it’s modernizing the back, middle and front office, said Sumit Uppal, who heads Capgemini’s digital practice for financial services. A Capgemini customer service transformation survey showed that:
Uppal said the impact of AI on banking is being felt in three critical areas:
> Learn more | Automation in financial services: Real-world success stories
> Watch the webinar | How AI-enabled IDP is modernizing bank operations
“There is still hesitation, and for all the right reasons, to let AI run wild with your customers,” Uppal said.
Instead, banks are generating impact in the back and middle office. Those areas “are going to get transformed” by AI, Capgemini’s head of digital added.
Uppal recommends that banks start with AI use cases that provide the most value. Banks can implement high-value, low-complexity uses — such as 24/7 chatbots, AI-powered content creation and sales automation — before moving on to high-value, high-complexity uses. Examples of the latter include sales forecasting and reporting, targeting and retargeting with personalized campaigns, and transaction monitoring to ensure compliance.
> Learn more | Hyper-personalization is the future of banking experiences
To revolutionize and modernize how they do business, banks need to harness the power of their content.
The Hyland Content Innovation Cloud™ (CIC) can make the transformation possible by bringing together content, processes and applications into a single, intelligent ecosystem. The platform helps organizations unlock insights, drive automation and turn content from an untapped resource into a strategic advantage.
A key pillar of CIC is content intelligence, which leverages AI to make enterprise information discoverable, actionable and valuable. This can be accomplished via:
“The use cases that we are supporting and getting into now are only really scratching the surface of what we believe we can do,” Davis said. “It’s going to revolutionize the way we build and structure processes.”
— Tom Davis, Director of Financial Services, Hyland
Zientara listed five indicators of AI-readiness:
Many financial institutions have implemented AI, but “this is literally just the tip of the iceberg,” Zientara said.
No matter where you are on your AI journey, Hyland is here to help. Contact us today to set up a free assessment of your AI-readiness.
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