Artificial intelligence, real cost reduction and surprising value
Financiers recognize the cost reduction that AI brings. More than a third of respondents said AI leads to operational efficiencies, and 20% said AI reduces total cost of ownership in 2023.
AI can also better offer banks Computing power. According to deMayo, “traditional IT in every bank’s data centers will not run AI effectively.” But creative technology solutions can meet data needs: NVIDIA’s new GPU and software library have cut the cost of inference by a factor of four, deMayo says.
AI can also lower the costs supporting workload portability for use across hybrid cloud infrastructuresby improving customer service and strengthening fraud detection and prevention tools.
AI can also help IT leaders identify and derive value from their technology investment. “There is an opportunity to unlock value,” deMayo says, both in internal initiatives and in customer-facing efforts.
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At your service: valuable clues in customer relations
Nearly half of respondents (46%) say AI has improved their customer experience. Large accelerated language models make chatbots more effective and less frustrating, increasing customer satisfaction.
“Banks have customers who expect the same types of experiences they get when they embark on their retail e-commerce experience,” says deMayo. “AI offers a very broad range of capabilities to help banks meet their customers’ experience expectations. »
The amounts of data that financial institutions the handle can be used more effectively with AI. “We help them sift through mountains of social news, financial news and financial reports to discover patterns, trends and ideas that they can trade against so they can deliver more value to their customers.”
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Why AI solves the talent shortage
Many financial institutions are experiencing a labor shortage and are spending time recruiting the most qualified AI experts or allocating resources to upskill current employees. But using AI technology Improving these work challenges can help.
“There is an opportunity to leverage AI as a teacher that can teach at the individual’s pace,” says deMayo, which could enable cross-training and development of current employees in addition to integrating new workers.
For example, major language models have the ability to improve banking education – for consumers and employees alike.
DeMayo cites algorithmic trading as a fundamental example of how financiers have long deployed technology to amplify results. “Financial institutions have a lot of smart people and have a long history of using technology to deliver their services,” he says.
