AI Use Cases in Banking

In financial services, creating reports is essential but can be very time-consuming. Many financial professionals face the challenge of manually summarising extensive documents from various sources, which is slow and overwhelming.

Using large language models (LLMs) can simplify this process. Integrating LLMs into your systems lets your teams quickly convert lengthy documents into clear, concise summaries. This speeds up report generation and frees up time for strategic planning and innovation.

In financial services, employees often spend time answering repetitive questions. An AI-powered FAQ chatbot can address this by drawing information from various sources to handle common transactions, accounts, and billing inquiries.

With its broad range of AI chatbot use cases, this tool acts as a central resource for all departments. It speeds up information retrieval and cuts down the time spent searching for documents, ultimately saving time and money.

Using generative AI in onboarding helps financial organisations simplify the process for new employees. The large amount of information during onboarding, ranging from company policies to report templates, can be overwhelming. AI can create interactive and personalised training modules, making learning easier for new team members.

GenAI acts as a one-stop resource, providing access to onboarding documents, training materials, and procedural guides. This centralises information, making it easy to find and understand, helping new hires quickly grasp their roles.

In this business use case, implementing generative AI in onboarding provides a clear and efficient path for new employees to integrate into their teams, boosting productivity and skill development.

AI-powered tools can streamline your financial planning by removing processing bottlenecks. With AI algorithms, stakeholders can quickly analyse data from multiple sources to create efficient financial plans. This AI use case allows for rapid scenario modelling without manual data sorting, speeding up the analysis and providing a clear understanding of potential financial outcomes.

This solution isn't limited to finance. It also enhances scenario modelling across departments, promoting inclusivity in planning. Generative AI simplifies complex financial models, leading to better decision-making and reduced manual data processing.

Enhance your forecasting with AI tools that provide both short-term and long-term insights. Generative AI simplifies document analysis, integrating internal processes and market conditions for strategic planning. Users can get tailored forecasts by inputting specific documents and setting forecasting timelines.

One of the top AI use cases is its ability to efficiently transform operations in the finance, legal, and corporate development sectors. Experience the benefits of AI-driven forecasting to streamline operations and support strategic growth.

Unlock valuable market insights effortlessly with GenAI technology. From cost details to comparative analysis reports, AI excels at providing comprehensive pricing insights. 

In the banking sector, generative AI simplifies competitor analysis, enabling departments to identify trends and craft effective marketing strategies. By analysing competitor data and extracting insights from text-heavy documents, reports, and articles, AI helps understand market trends, competitor activities, and customer sentiments with precision.

GenAI tools simplify budget forecasting and expense analysis. By analysing historical project data, AI predicts potential overruns and recommends adjustments based on past performance. 

Additionally, these tools categorise expenses and analyse cash flow patterns in project reports, aiding finance departments in predicting liquidity challenges and pinpointing areas for cost optimisation. Experience seamless budget management with GenAI for accurate financial planning and optimised project outcomes.

Generative AI improves finance by automating the creation of textual reports and efficiently summarising key indicators and market trends. AI-powered FAQ bots are customised to individual needs and reports, answering follow-up questions quickly. 

By implementing this AI automation use case, the ELT and Sales teams can quickly access accurate information, saving time and enabling prompt responses. Share this bot in Microsoft Teams or other preferred channel for specialised report inquiries to enhance collaboration and efficiency in your organisations.

GenAI can ensure regulatory compliance by monitoring financial documents and transactions against laws and regulations. By flagging potential compliance issues, it aids finance departments in promptly resolving any issues that may arise. Through this practical generative AI b2b use case, experience the peace of mind that comes with streamlined compliance monitoring.

Debt collection can be made more efficient with generative AI voice bots. These bots automate both inbound and outbound calls, significantly easing the burden on human agents and cutting down wait times. 

They can send automated reminders for overdue payments, negotiate payment plans with debtors, and make follow-up calls to confirm receipt of payments. By understanding natural language, these AI bots offer human-like assistance and efficiently resolve customer queries.

AI-powered voice bots enhance fraud alerts and account security by making numerous outbound calls and taking calls outside business hours. They notify customers of suspicious account activity, provide steps to secure accounts, prevent fraud, and confirm recent transactions.

These bots interact like human agents, asking questions and calling back if clarification is needed while logging all data into a database.