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Banking on AI: How GenAI will change our approach to finance
Banking on AI: How GenAI will change our approach to finance

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Organisations are currently using AI in a number of ways, with chatbots and virtual assistant services being amongst the most well-known tools.  For example, voice recognition software is deployed to protect customer security.

With generative AI (GenAI), our capability now takes a very exciting and giant leap forward.  This tech has three major features:

  1. The reasoning capability of GenAI where it can learn from data and create something new.
  2. The multi-modal nature where it can generate not only text but illustrations and video too.
  3. It’s natural language interface.  GenAI can provide a very authentic and human-like response making it more contextual and accessible to the broader public.

We’re currently designing or testing use cases. These range from generating code for developers, automation in data analysis, to summarising long documents into concise overviews. This activity includes a colleague assistant, (Microsoft 365 Copilot) being trialled to help boost productivity and collaboration.

Beyond this, we’re truly energised about the capabilities of GenAI and how it will redefine banking.

Better customer and client outcomes through data insights

We’ll be able to further enhance our customers’ experiences, leveraging GenAI to tailor services to individual customer needs, aiding our client facing colleagues to assist  quicker and with greater personalisation.

Enhancing risk management and protecting our customers

GenAI can analyse vast amounts of data to identify patterns and provides new predictive capabilities.

GenAI will be able to further enhance fraud detection and improve the quality and the speed of decision making.  It can continually analyse transaction data and read patterns of behaviour that produce warnings.  GenAI means that risk assessments for the customer are being brought to an individual and safer level.

Market opportunities

If we look at the international markets, it has experienced great volatility in the recent times. Leveraging GenAI to monitor real time market movements and analyse against historical patterns has clear gains. This technology provides further opportunity to optimize portfolios and personalise products based on risk appetites. 

Value-added activities for colleagues

For our colleagues, new technologies such as GenAI help us to continue to reduce the repetitive, time-consuming tasks such as scheduling, data entry and report generation. This ability to automate routine tasks not only provides operational efficiency but also allows colleagues to provide the best possible personalised service, focusing on value-added activities that provide greater job satisfaction.

Responsible adoption

As with any new technology, we’ve to test and adopt it responsibility.  We have to ensure compliance with existing and emerging laws and regulations. This aligns with our values – with security and customer experience at the heart of any decision.

by Kristen Bennie, Group Head of Innovation and Partnerships, Barclays


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