A stellar panel of industry heavyweights discussed the potential that generative AI offers to retail banking as part of GlobalData’s conference: ‘Realising The Promise of Generative AI in Banking and Payments’
“Generative AI creates output that we consume. It is massively different. This is a tsunami-sized wave,” said Malcolm deMayo, Global Vice President at NVIDIA for the financial services industry.
Go deeper with GlobalData
“The potential is enormous. When you think about financial services, its language is our language. And Generative AI understands it. So, the ability to leverage this to improve productivity, improve operational efficiency and to create new revenue streams is enormous.”
DeMayo was speaking at the roundtable session of GlobalData’s conference entitled ‘Realising The Promise of Generative AI in Banking and Payments’.
Chaired by RBI editor Douglas Blakey, deMayo was joined by Alistair Brown, VP Global Head of Open Banking and Payments at EPAM and Hani Ramzi, GM, Europe at Persado.
The roundtable looked at the effect of generative AI in several aspects of financial services and particularly focused on the question, ‘will generative AI result in disruptive new business models or incremental enhancements on existing processing and structures?’
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataPersado delivers demonstrable ROI to NatWest
Ramzi discussed the positive effect that Persado has had on NatWest. He said: “The partnership has proven to be successful. NatWest came with the goal of achieving a higher standard of customer care through personalised language. AI has fuelled and empowered NatWest with dynamic, personalised language to create campaigns that resonate with their customer. This has driven higher loyalty and incremental revenue.
“NatWest has been applying the technology on web pages, banners, mobile app pages and emails, spanning all areas of the bank, retail banking, business banking and wealth. By using Persado, they’ve managed to increase their click-through rate by 30%.”
Blakey asked the panel, what they thought of the potential of generative AI to transform retail banking, wealth management, payments or other areas. DeMayo said: There are a lot of reports out about trillions of dollars of value being unlocked using artificial intelligence. Think of it this way, pre-generative AI was consumable by machines. For example, simple tasks like predicting when an Uber is going arrive, or auto-correcting a text are great examples”
Personal finance management: optimising the CX thanks to AI
Brown further elaborated on this question, stressing that personal finance management was a key benefit as a result of generative AI enhancements. However, with an increase in the amount of personal data saved online and with fraud being an increasingly serious threat, AI-supported security is vital. Brown said:
“There’s an acceleration going on. If you look at the evolution of open banking into open finance then open data. What are the main benefits to the customer of all of this stuff? Most of it is personal finance management. Suddenly, somebody who’s only just opened a bank account for the first time in their life has got clear data as to how they spend their money. It’s way ahead of what I would have had when I was just opening my first bank account where it was all completely obscure as to what they were doing with my money.
“The fact is this data needs to be protected really. Heavily. So, we’ve got this complete divergence between openness and opportunity on the one hand, and the vulnerability of the consumer that needs to be protected on the other. So, cybersecurity and anti-fraud technologies are absolutely at a premium.”
The panel discussion concluded GlobalData’s series of sessions on the disruptive potential for generative artificial intelligence. GlobalData’s team covered the technology’s impact on banking, wealth management, and payments, leveraging proprietary datasets available on GlobalData’s Banking & Payments Intelligence Center. Click here for a glimpse of what is available and to learn more. [https://www.globaldata.com/industries-we-cover/banking-and-payments/]
