Banks enter the era of GenAI

Gone are the days of chatbots that appeared on a website and provided standard answers to specific questions from customers, without actually improving the service but rather irritating the customer.

Now generative artificial intelligence is expanding the scope of customer service capabilities, including banking services, undertaking to give personalized advice toward choosing the best insurance, what you should do with your money to achieve better returns or for the best management of your expenses – for instance when spending more on clothes or restaurants, or making sure bills and obligations are paid on time.

Generative AI is changing the world of banking, and applications such as chatbots, virtual assistants and digital copilots are also changing, making the life of customers easier through the various applications developed by banks. This was pointed out by executives from the field of IT and banking, speaking at the 11th Digital Banking Forum held by ethosEVENTS, in the context of which the possibilities in the utilization of digital technologies and in the provision of digital services by the financial sector were analyzed.

“Using artificial intelligence you can diagnose the way someone consumes and suggest to them not to spend more than a limit in a certain category of expenses. Correspondingly for someone who collects, e.g., 1,500 euros per month, you can make recommendations to him in order to save and therefore organize his consumer spending,” the president of the Association of Innovative Applications Enterprises of Greece (SEKEE) and CEO of Excelon, Manos Makromallis, pointed out at the conference.

Artificial intelligence tools can record the emotion of people when they register on a bank’s digital platform at the time of onboarding and “so we can understand if this user is real or if he is under some threat, and to prevent cases of people who, e.g., are victims of trafficking and open accounts or wallets in order to be used by fraudsters,” explained Makromallis.