Generative AI comes to banks to improve processes and care


The artificial intelligence revolution that began with ChatGPT can now speed up work and reduce operating costs for financial institutions.

La IA generativa llega a bancos para mejorar los procesos y la atención

Generative artificial intelligence, with its ability to absorb a large amount of data, process it and use it to give answers in a natural way to people, is making its way into most industries. And the financial company is no exception: banks are investing in AI to optimize their businesses and the daily experience of customers.

“The costs of a bank that are associated with human attention and financial advice for customers are high. Therefore, from a technical point of view, a small part of customers is often prioritized, those with greater purchasing power, guaranteeing a more substantial financial return. With the new AI solutions, costs are drastically reduced, thus allowing any citizen to have access to banking services and products from now on,” said Julián Colombo, CEO and founder of the technology company N5.

Artificial intelligence, already in Argentine banks

N5 launched this week its “Fin Skys” (Financial Self-Contained Artificial Intelligence), an AI suite specially designed for companies in the financial sector and which is an example of the benefits that can be obtained.

As the company revealed to El Cronista, there are already at least four Argentine banks that are testing or contracted the technology. The development of these solutions involved an investment of 50 million dollars and the hiring of a team of Argentine engineers.

The three artificial intelligences launched by N5.

The three AIs presented by N5 are AIfredPep and Singular. The first is a virtual assistant that can be trained with the knowledge of a company and be ready to work in just 24 hours. For example, it can answer questions about the organization’s products and procedures.

For his part, Pep adds a mentoring facet, which evaluates the performance of employees and teaches them to achieve better results. Finally, Singular is a virtual executive for the end customer. “This AI is a specialist in selling products, collecting debts, advising on investments, tax planning, among others, proactively. And it can manage thousands of customers simultaneously,” they detailed.

Singular allows you to create virtual executives with different operational focuses.

Benefits of AI for the financial industry

According to the company, the new tools are capable of driving cost reduction by 94%, generating 9 times more productivity in teams, reducing risks by 25% and increasing NPS (customer satisfaction) to 35 points. In this way, the standards of operational efficiency in financial institutions are redefined.

It is estimated that there are 1,400 million people in the world who do not have a bank account, so they have difficulty accessing payments and collections, saving or applying for credit. N5 points out that this part of the population will benefit, since Singular AI, for example, drastically reduces costs related to customer service, empowering organizations to expand their customer portfolio and improve retention with personalized attention. “When the cost goes down from tens of dollars to cents, financial inclusion is generated,” Colombo stressed.

In a similar vein, BBVA sealed an agreement with OpenAI, the company that created ChatGPT, at the end of May for employees to use the tool. “The goal is to explore generative AI to accelerate processes, improve productivity, and foster innovation thanks to new capabilities for the creation of text, images, or information processing,” the bank explained.

In addition to making internal work more efficient, banks are now looking to add generative AI as another way to have fluid and effective communication with their customers. For example, Banco Macro is developing its Banco Chat. It is a digital bank that will work, mainly, through WhatsApp and is developed with Artificial Intelligence.

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