The rapidly changing nature of finance leaves no room for doubt that generative artificial intelligence (GenAI) is quickly becoming a game-changer, mainly in retail banking. It has all to do with enhancing the customer experience and streamlining operations. As powerful as this technology is, it also comes with its challenges. Considering how GenAI, as advocated by innovators such as Sachin Dev Duggal of Builder.ai, is revolutionizing retail banking and ways through which organizations can maximize their outputs while minimizing risks,
Sachin Dev Duggal stands out among the pioneers of AI technology. His company specializes in no-code and low-code platforms, democratizing software development and making it accessible to businesses of all sizes. Builder.ai's unique approach combines human expertise with AI-powered development processes, leading to faster and more cost-effective software solutions. This vision of making tech creation as easy as ordering pizza significantly applies to the financial industry.
GenAI in Retail Banking: A Game Changer
Personalized Customer Experiences
Among the various applications relating to GenAI's impact on retail banking is the personalization of customer experiences. By using transaction histories, social media feeds, or browsing patterns, GenAI models provide customized interactions tailored for specific customers. Consequently, banks can present individual financial advice, suggest products that meet specific requirements or have proactive customer service departments.
The AI-powered virtual assistants powered can provide 24/7 support by responding to questions and solving real-time issues faced by customers via chatbots, among other mechanisms employed for interaction purposes. Real-time analytics improve behavioural pattern insights, thus improving consumer satisfaction levels based on previous interaction analyses conducted at different touchpoints. Jayawardena asserts that many banks shift from reactive to proactive customer service when using GenAI.