Last year saw AI come on leaps and bounds . How will this impact financial services further in 2024 and what can employees expect ?
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Last year saw AI come on leaps and bounds . How will this impact financial services further in 2024 and what can employees expect ?
Jain : AI has been leveraged for different purposes by finance institutions in 2023 ; some have mostly relied on AI to support the automation of backoffice processes , whereas others have deployed AI to streamline and improve the customer experience .
For those who have embraced generative AI , the goal may have been to not just streamline customer experience ( CX ), but enable hyper-personalisation .
For employees within banks and financial institutions , the adoption of AI may be met with some concern or distrust . Some will be asking , “ will my job be replaced by AI ?”.
The honest answer is that AI does have great potential to remove or replace manual tasks and processes , yet the role of the ‘ human in the loop ’ will become more significant as AI adoption accelerates .
The human-centred soft skills of empathy , and the ability to holistically appraise and provide feedback on AI outcomes to promote ongoing improvements , will be highly sought after in the year ahead .
For those working within customer contact functions , AI has the power to make their lives significantly easier . It has the capability to summarise and
contextualise information about a customer , from across a multitude of structured and unstructured data sources , providing a more complete and joined-up view .
GenAI in particular can be trained to identify which phrases or solutions lead to good customer service outcomes and serve those as prompts to agents . This leads to higher resolution rates and improved customer outcomes .
It also helps upskill new agents more rapidly – giving them access to knowledge in context , rather than through formal training programmes .
48 January 2024