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Unleashing the Power of AI in Banking
Age of Intelligence: AI’s Influence on Banking
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Sharing Successes
As the annual list of Best Banks to Work For 2023 ranking is released by American Banker, one consistent theme runs across financial institutions of all sizes. Banks that focus on building more engaging employee experiences do better in the short and long term to attract and retain talent AND deliver better customer experiences at the same time. “There are areas where organizations can bring together customer experience and employee experience to drive improved business outcomes,” according to a Financial Brand article about employee engagement. But how are successful institutions doing it?
One inspirational bank that landed the #3 spot on the list for institutions with more than $10B of assets is Origin Bank. This Louisiana-based financial services leader takes employee experience so seriously that they conduct quarterly confidential surveys of all staff members to ensure their culture is being reflected and integrated across the brand – from top to bottom. “What has always been at the center of who we are as an organization is our deep commitment to culture,” says Drake Mills, Origin’s chairman, president and CEO. “We have a passion to be there for our employees, customers and communities when they need us most.”
Click here to find out more about how banks are building better experiences for their employees.
The Story:
New data from Accenture finds that banks that implement Generative AI (GenAI) at their institutions have the potential to boost productivity by nearly one-third. Even more, banks can expect revenue increases upwards of 6% using GenAI. Accenture’s Banking on AI notes that following the launch of ChatGPT at the end of 2022, banking’s “early adopters” were already looking at use cases and proof points for the technology. “Today, little more than a year later, virtually every bank has a generative AI strategy of some description and is running a variety of proofs of concept, with many reporting impressive results,” according to Accenture.
The Takeaway:
While the potential for GenAI in financial services is still in its infancy, this new wave of AI will surely reshape the banking sector, as digital transformation did before it, providing “new capabilities, revenue opportunities, and cost reductions,” according to an S&P analysis. Banks and credit unions that embrace this technology will be in the best position to build AI into a competitive advantage. “GenAI is an amplifier of human intelligence,” says Adrenaline’s Chief Brand Officer, Juliet D’Ambrosio, on the Believe in Banking Podcast. “It enables bankers to do what only bankers can do – which is look someone in the eye, make determinations, make decisions – that are empowered by this intelligence, but not replaced by it.”
Sources: Accenture, “Banking on AI,” January 3, 2024, S&P; “AI in Banking: AI Will Be An Incremental Game Changer,” October 31, 2023; and Believe in Banking, “Age of Intelligence: AI’s Influence on Banking,” March 13, 2024
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