In conversation: Duncan Egan and Jose Thomas on the role of generative AI in Financial Services
What role can generative AI play in a highly regulated industry like financial services? It’s a question many leaders are grappling with as they explore the potential of this transformative technology.
I recently had the opportunity to chat with Jose Thomas, Adobe’s Vice President of Financial Services Industry (FSI) Sales, to delve into the impact generative AI could have on the financial services industry.
In an industry that often has a focus on fraud prevention, risk management, and money laundering, introducing new technologies is never a simple task. Balancing innovation with these critical concerns is just one of the many challenges FSI leaders face as they consider the adoption of generative AI. However, the opportunities for those who get it right are immense.
Finding the Right Balance with Generative AI
Across markets, there’s a strong push to leverage generative AI to enhance customer experiences. Forward-thinking companies are leading the charge in adopting these technologies, but it’s crucial for FSI marketers to strike the right balance between digital tools and human connection during this period of transformation.
Interestingly, the pace of AI adoption varies significantly by region. For instance, in Singapore, personal relationships with bankers are highly valued, which slows the transition to AI. In contrast, the US market is moving more swiftly towards AI-driven customer interactions. Regardless of the pace, the goal is the same: to use these digital tools to strengthen customer relationships, not replace them.
Building Trust in Generative AI
With all the excitement surrounding generative AI, one key question looms large: how can we build trust in this technology?
Jose pointed out that this is a journey every marketer is navigating together. Historically, the financial services industry has been slow to embrace new technologies, but there’s growing confidence in AI’s potential.
“If you think about when cloud first showed up on the scene, FSI was the last to move. I think generative AI is going to be very much the same way. Financial services institutions will look for use cases that don’t expose customer data, and then gradually step their way up into AI directly servicing a customer’s need.”
Jose Thomas
Vice President of Financial Services Industry (FSI) Sales, Adobe
Currently, many FSI companies are exploring AI’s capabilities in internal processes and call centre operations. These initial steps are critical for building trust within FSI organisations and with their customers. Adobe is at the forefront of this transformation, guiding businesses in how to incorporate generative AI effectively, ensuring that it drives innovation and efficiency.
Revolutionising Content Management and Personalisation
Generative AI is poised to revolutionise content production, enabling personalisation at an unprecedented scale. Effective digital asset management will be essential for creating, personalising, and reusing content across multiple channels.
While AI might still feel like a futuristic concept to some, its influence is prompting FSI leaders to rethink current capabilities and the importance of data. This shift in perspective is essential as the industry gears up for broader transformation.
Unlike other sectors, FSI brands have access to a wealth of data, which can be leveraged to create truly engaging and impactful customer experiences. By understanding where customers are in their journey—whether they’re starting a new job, buying a home, financing a new car, or raising a family—FSI brands can identify key moments to strengthen relationships.
“With the next generation of AI, we will be able to study the digital trends and journeys that customers are making and then, based on what they are interested in, dynamically generate an offer and send it.”
Jose Thomas
Vice President of Financial Services Industry (FSI) Sales, Adobe
B2B and B2C Perspectives
The integration of generative AI presents different and distinct challenges for B2B and B2C businesses within the FSI industry.
For B2B companies, the focus is on delivering seamless customer and digital experiences across broad buyer groups. This includes personalising experiences, speeding up time to market, and expanding into new regions—all while demonstrating value to investors.
Alternately, B2C businesses are more focused on customer retention, often finding that their existing customer base is the most receptive audience for new services.
Despite the strict regulations that govern the FSI industry, leaders are looking to other sectors for inspiration. One such area is healthcare, where the emphasis on data privacy and information sensitivity mirrors the concerns within financial services. The lessons learned here can provide valuable insights for FSI leaders navigating the AI landscape.
Unlocking the Power of Generative AI
The financial services industry stands on the brink of a significant transformation, with generative AI offering unprecedented opportunities to enhance customer experiences, streamline operations, and drive innovation.
As FSI leaders navigate the complexities of adopting this technology, finding the right balance, building trust, and leveraging data for personalisation will be key. By learning from other industries and taking proactive steps, financial services organisations can unlock the full potential of generative AI, setting the stage for a more dynamic and customer-centric future.
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