As financial institutions attempt to incorporate generative AI capabilities into their current infrastructures, artificial intelligence (AI) is one of the most talked-about topics in banking.

In case 2023 was the year of great anticipation for artificial intelligence, then 2024 could be the year of its actualization.

We spoke with Dave Murphy, Head of Financial Services for EMEA & APAC at Publicis Sapient, at MoneyLIVE Summit 2024, and he reminded us that banks have been using AI for a while already.

Publicize Sensible: Banking with Gen AI

"It's crucial to keep in mind that there's a predictive component to AI, which has been used long before Gen AI and which banks are currently attempting to incorporate," he says.

In order to provide banks with the greatest possible customer service, predictive AI has been utilized to generate advanced degrees of personalization. It does this by matching many different data sets and recommending the optimal course of action.

"Gen AI is the new thing, and it's sparked two initiatives. The first is an increase in discussions about banks' predictive AI-based services as Gen AI has brought the term "AI" to the forefront and increased public willingness to interact with it.

"The second is a growing realization that, in order for financial organizations to effectively use AI, they must first properly prepare their data. As a result, there is a strong emphasis on having the appropriate machine learning environments, data platforms, and data engineering tools."

"The second is a growing realization that, in order for financial organizations to effectively use AI, they must first properly prepare their data. As a result, there is a strong emphasis on having the appropriate machine learning environments, data platforms, and data engineering tools."

"Gen AI is assisting by improving the manner in which bank staff members interact with clients. One improvement is the ability to capture knowledge, for instance.

"Gen AI can help develop packets for consumers if you're a relationship manager at a financial management company trying to enhance an investment trading alternative.

Thus, it's being implemented in a method that allows for the effective use of a human as the last filter before it is seen by a consumer. It's best described, in my opinion, as transforming people from writers into editors.

"It will undoubtedly benefit banks and other financial organizations by freeing up time for employees to work on more value-added tasks."