Harness the power of GenAI in Banking

According to a recent report by McKinsey, GenAI can bring an annual value of up to $340 billion in the banking industry alone compared to traditional AI, the main difference that GenAI brings is the ability to create new data based on on the trained data, analyze the data and make predictions. Generative AI can work in tandem with traditional AI to provide more powerful solutions. Specifically in the customer service industry at banks, GenAI appears to play a role in combining, supporting, and upgrading a number of applications such as Chatbot, predicting and providing personalized data, liberating technology. allowing employees, with the ability to interact humanized or more highly, to act as financial advisors in a virtual environment.

1. GenAI application helps banks optimize customer service

Gen AI enhances the image of Chatbots

Chatbot has become one of the important interaction channels with customers in the service industry. However, due to technological limitations, Chatbots cannot understand and interact with humans smoothly. The emergence of GenAI has turned Chatbots into intelligent conversation agents capable of flexible, contextual and creative interactions. GenAI not only marks a breakthrough, but also helps solve shortcomings, turning chatbots into "emotional" tools.

Besides, Chatbot equipped with GenAI has the ability to collect and analyze large amounts of customer information data. This information provides valuable feedback about customers' preferences or problems during the experience, or information about emerging trends in the market. Banks can leverage this data to improve their products, services and marketing strategies to reach customers effectively and subtly.

Predict and deliver personalized content

By using machine learning models and big data, GenAI can create personalized content and predict future trends for each target customer. Thanks to the large amount of customer data that banks collect, GenAI can process and analyze to build customer profiles including information about preferences, behavior, transaction history, and other information. Interested news... Banks can take advantage of this information to recommend products according to personal requirements, investment strategies, financial advice or adjust incentives according to customer needs. This helps increase customer satisfaction and drive deeper engagement.

Free up work for customer service staff

By automating repetitive tasks and providing quick access to information resources, GenAI significantly reduces customer request processing time. Employees can thus reduce their work load and have better morale to focus on more complex issues, providing a complete customer service experience. GenAI provides outstanding employee support in the following areas:

• Consistency and accuracy: GenAI ensures consistent and accurate responses across all customer interactions. This consistency builds trust and eliminates the risk of miscommunication.
• Continuous learning and upgrading: GenAI learns from each customer interaction situation, becoming more and more proficient and capable of effectively handling future requests.
• Increased job satisfaction: With GenAI, employees can handle customer requests confidently and effectively, leading to higher satisfaction and reduced employee turnover.
• Cost savings: Automating repetitive tasks and optimizing staff performance leads to cost savings for banks, as they can handle multiple requests with the same staff .
• Gen AI's content creation capabilities also redefine customer interaction. From the system, GenAI can help employees create personalized emails, newsletters and reports, help banks maintain continuous communication with customers, provide content that customers are interested in, contributing to customer relationships. sustainable interactive relationship.

Provides humanized interaction

To provide an experience that feels more like "real people", some companies have successfully developed GenAI Avatar images (2D or 3D character models created by computers). With deep learning algorithms, GenAI Avatar opens up new paths, making interaction between humans and AI more natural. This not only creates intimacy but also makes interactions more intuitive, capable of empathizing with customers' emotions.

Compared to traditional employees with limited working hours, GenAI Avatar can be present 24/7. This convenience ensures customers can seek support, get their questions answered and participate in financial planning discussions anytime, anywhere, overcoming geographical and time constraints. work. This creates convenience, addresses customers' diverse needs, and makes banking and financial services more popular and flexible than ever.

Virtual financial advisor in the Metaverse environment

GenAI does not stop at automating manual work, but is also applied to some more complex tasks such as virtual financial advisors. In the virtual world (Metaverse), banks can create virtual spaces to provide information about financial education. These spaces simulate real-life models, such as banks or investment firms, where customers can participate in virtual seminars and workshops. GenAI plays a key role in creating content for these “classrooms,” providing real-life financial scenarios, interactive simulations, and content and activities tailored to specific needs and interests. participant's body.

Present in the form of Avatar NPC (Non-Player Character) in the Metaverse world, Virtual Advisors equipped with artificial intelligence bring a new, futuristic image to banking and financial consulting services. .

                                    GenAI plays an important role in the virtual world

2. Applying GenAI to customer service for banks in Vietnam

Some challenges when deploying GenAI in Vietnam

First, Vietnam lacks a solid AI development ecosystem and appropriate support policies, so it is still in the early stages of AI compared to some other Asian countries. The high cost of advanced GenAI and machine learning applications as well as the scarcity of skilled labor are hindering popularity in this field.

Additionally, GenAI requires large amounts of high-quality data. This is a significant obstacle because the completeness, consistency, and accuracy of the data affect the reliability and transparency of the AI model. Inaccuracies and even bias in training data can be amplified by GenAI models, leading to suboptimal results.

Multi-layer infrastructure also poses another challenge for GenAI because this type of AI relies heavily on databases. However, banking data and security information are often restricted in access, making it impossible for AI to perform simple or complex payment tasks involving customer information and security information.

Many banks try to innovate too many things at once in the customer care process while they are limited by capacity, finance, organization, infrastructure and technology.

Implementation steps

To seamlessly integrate GenAI into the customer care process, banks need to:

          Steps to deploy GenAI into the customer care process at the bank

• Careful planning, training of people with technological expertise and a deep understanding of the organization's goals and processes
• Determining investment in measures to prepare, protect and develop high-quality big data is a necessary task for the banking industry.
• Continued research and development of unified AI infrastructure solutions that enable GenAI to access critical information and execute automated processes without the need for constant monitoring is needed.
• The AI ecosystem in Vietnam and supporting policies need to be expanded to help banks maintain competitiveness and prepare for emerging trends, catching up with other countries around the world.

To harness the true power of GenAI, banks will need to assess the use case value and risks to devise a longer-term roadmap. Considering lessons learned from technology innovation projects, data management capabilities and talent, banks can help develop a framework for use case development. Establishing corporate governance and controls for internal and external GenAI usage as well as a control tower approach will be important to evaluate use case value creation while simultaneously managing manage relevant risk levels.

Reference source: Summary

Compiled by the DTSVN author group - Digital transformation solutions for the Finance and Banking industry.

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