{"id":64773,"date":"2024-08-19T14:40:00","date_gmt":"2024-08-19T04:40:00","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=64773"},"modified":"2024-08-19T14:37:01","modified_gmt":"2024-08-19T04:37:01","slug":"artificial-intelligence-imperative-financial-service","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/au\/blog\/artificial-intelligence-imperative-financial-service\/","title":{"rendered":"The AI Imperative: It\u2019s Time for Financial Services to Embrace AI"},"content":{"rendered":"\n

Generative AI is making waves in financial services. Like any big technological change, AI brings both opportunities and threats and the long-term implications are to a degree uncertain. So how does one come out the other side as a disruptor, and not disrupted? <\/p>\n\n\n\n

Our recent white paper, A Guide to Generative AI in Financial Services – for Australia and New Zealand<\/a>, explores the significant ways AI is activating growth, impacting risk management, and improving customer satisfaction in the financial sector, and how institutions can prepare to lead in an AI-first financial landscape.\u00a0<\/p>\n\n\n\n

From intelligent chatbots that provide immediate, highly-personalised customer service, to streamlining compliance processes like identification, verification, and risk calculations, there\u2019s seemingly no end to the ways AI can enhance efficiency and impact financial processes. In fact, when measuring the potential productivity impacts of generative AI, the financial services industry comes second only to the high-tech industry<\/a>.<\/p>\n\n\n\n

It\u2019s not just acting on AI that has its opportunities and risks \u2014 inaction is a risk, too. Failing to consider AI may mean losing customers, star talent, competitive advantage and security. But with so much at stake, it\u2019s easy to feel paralysed. So, where should financial institutions start? <\/p>\n\n\n\n

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Embrace AI in Financial Services<\/h2>\n\t\t\t\t\t\t\t

Join Dr. Gayan Benedict for a webinar on 29 August to learn how to cultivate an AI-first mindset with real-world applications.\u00a0<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

\n\t\t\t\t\tRegister here<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t
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AI Success Starts with a Mindset<\/h2>\n\n\n\n

With AI, there\u2019s a tendency toward thinking big and picturing organisational overhaul. 86% of adopters<\/a> in the financial services industry believe that AI will be very or critically important to their business\u2019s success in the next two years.\u00a0<\/p>\n\n\n\n

While we must continue to think creatively about the various applications of AI, these technologies should be implemented intentionally to ensure a smooth and trusted transition. At Salesforce, we\u2019ve termed this initial stage the renovate<\/em> mindset. As the first of three mindsets outlined in the whitepaper<\/a>, this approach increases value with minimal disruption by integrating generative AI into existing operations.\u00a0<\/p>\n\n\n\n

This might look like introducing an AI assistant like Einstein Copilot<\/a> to improve efficiency in tasks like case summarisation and content generation. Matt Neubauer, Chief Information Officer at Morgans Financial Limited, underscores the efficacy of this approach:<\/p>\n\n\n\n

“We see significant opportunity by leveraging AI and equipping our advisers with an AI Co-Pilot to augment our advice process, provide client insights, and recommend next best actions that will enable our advisers to better service their clients,\u201d says Neubauer. <\/p>\n\n\n\n

With a renovate mindset, humans remain in the driver\u2019s seat, with AI in a supporting role. This allows teams to build the familiarity, competency, and trust in the technology needed for wider adoption.<\/p>\n\n\n\n

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Deliver Value Faster with Financial Services Cloud<\/h2>\n\t\t\t\t\t\t\t

Drive growth, manage risk, and increase customer satisfaction with the #1 AI CRM for financial services.\u00a0\u00a0<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

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The Double-Edged Sword of AI in Risk Management<\/h2>\n\n\n\n

Today\u2019s decision-makers are asking themselves, \u201cShould I implement AI? What ROI can it offer my institution?\u201d<\/p>\n\n\n\n

What they may not recognise is, in many ways, the decision has already been made for them. <\/p>\n\n\n\n

Implementing generative AI is no longer just about keeping pace with competitors; it\u2019s become essential for anticipating and responding to potential threats. This is particularly important for the financial services sector, given the sensitive nature of its customer data.<\/p>\n\n\n\n

While generative AI allows for the mass personalisation of attacks at an unprecedented scale, AI can also form part of the solution. In A Guide to Generative AI in Financial Services – for Australia and New Zealand<\/a>, we\u2019ve outlined how AI can help institutions address the emerging generative AI security risks<\/a> identified by the Open Web Application Security Project (OWASP).<\/p>\n\n\n\n

To mitigate risks such as the disclosure of sensitive information by Large Learning Models (LLMs), the Einstein Trust Layer<\/a> uses data masking to remove or obscure identifying details and confidential data, replacing these with a version that does not disclose confidential customer and corporate data, before exchanging it with a Generative AI model.<\/p>\n\n\n\n

This is just one of the ways Salesforce is using AI to stay ahead of potential threats while maximising its potential. As AI adopters and innovators, our responsibility is to ensure AI\u2019s strengths outweigh its risks by leveraging the scale AI provides to equip organisations with the tools needed to address increasingly complex challenges.<\/p>\n\n\n\n

The Intersection of Trust and Innovation<\/h2>\n\n\n\n

It\u2019s important to remember that integrating AI is as much about reinforcing trust as it is about exploring innovations. Nearly half of all executives and 59% of consumers <\/a>are concerned about AI security, making it a top priority for decision-makers.\u00a0<\/p>\n\n\n\n

Adopting a renovate mindset helps financial institutions achieve quick wins and build trust among employees, customers, and regulators. AI capabilities such as time-saving call wrap-ups, personalised offers, and more accurate auditing are small but powerful steps that will help stakeholders develop confidence. <\/p>\n\n\n\n

By considering both operational efficiencies and security risks, financial services can demonstrate the benefits of AI in increments, fostering the trust and competency required to act on our other two mindsets<\/a>.<\/p>\n\n\n\n

Take the Next Step on Your AI Transformation Journey <\/h2>\n\n\n\n

The renovate mindset is just the first of three ways to envision your AI journey, but it\u2019s the foundation for an AI-first transformation.  As your organisation continues to evolve \u2013 and eventually, transcend \u2013 building confidence with AI now is crucial to position your organisation as a future leader and disruptor in financial services. <\/p>\n\n\n\n

Working in close collaboration with Eran Agrios, SVP & GM, Financial Services at Salesforce and Robert Whitaker, RVP, Industry Advisory – Financial Services at Salesforce, we\u2019ve produced the Guide to Generative AI in Financial Services – for Australia and New Zealand<\/a>, to set you on a path to succeed in the post-AI landscape.\u00a0<\/p>\n\n\n\n

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A Guide to Generative AI in Financial Services – for Australia and New Zealand<\/h2>\n\t\t\t\t\t\t\t

Discover how to harness the power of AI while managing its risks to emerge as a leader in the AI era.\u00a0\u00a0<\/p>\n\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t

\n\t\t\t\t\tGet the guide<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\t
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Read more<\/h2>\n\n\n\n