Gone are the days when banks could simply offer checking and savings accounts, investment options and loans. Now, it’s about providing an extensive banking experience that not only meets customer demands but also offers data protection and regulatory compliance. This evolution has required banks to transform massive amounts of unstructured data into actionable insights. And doing that effectively requires the help of AI.

Laying the foundation for AI-powered workflows
Banks are eager to adopt more digital workflows, but they’re still gathering, processing and securing large amounts of paper-based data. Document management systems and intelligent document processing platforms are ideal starting points for automating workflows and optimizing data use. When these systems are integrated and connect the front, middle and back offices, banks can achieve operational efficiency company-wide. Cloud-based platforms can help improve customer service, lower costs, enhance document security and facilitate better document sharing and decision-making, laying the foundation for AI and ML-powered workflows.

Elevating customer experiences with AI and automation
Banking customers expect personalized, frictionless digital experiences. AI/ML-powered automation helps banks deliver these interactions by quickly processing customer data. AI offers a tremendous opportunity to enhance customer service, aiding both virtual bots and human agents in personalizing customer interactions and optimizing self-service resolutions. According to the Talkdesk 2024 CX in Banking Report, 80% of banks and credit unions leveraging AI are more likely to believe their contact center is a meaningful contributor to their customer experience strategy.¹

Enhancing compliance efficiency with AI 
Per IDC’s Worldwide Generative Artificial Intelligence 2024 Predictions, “by 2025, two-thirds of businesses will leverage a combination of gen AI and retrieval-augmented generation (RAG) to power domain-specific self-service knowledge discovery, enhancing decision efficacy by 50%.”²

As compliance leaders continue shifting to agile, automated processes and cloud-based technologies, many are leveraging AI/ML solutions to enhance compliance practices in data accessibility, mapping, testing and monitoring. These practices transition banks from fragmented processes to automated workflows, improving compliance and audit readiness and helping to significantly reduce compliance costs.

6 tips for driving operational growth with AI
1.       Prioritize clean and accessible data to build a solid foundation
2.       Establish clear compliance frameworks with regulatory guidelines for AI use
3.       Invest in flexible and scalable IT infrastructure
4.       Train and develop a skilled workforce with AI and data scientists
5.       Collaborate and innovation with the right with tech partners
6.       Build customer trust and acceptance through ethical and safe AI policies

Information is an asset. AI puts it to work.
What does success look like for today’s financial institutions? It all comes down to intuitive tools and information governance. See how Ricoh’s solutions for banks use AI to put your information to work, streamline processes and provide the best possible experiences for your people and those you serve.

Sources:
¹Talkdesk 2024 CX in Banking survey: An industry benchmark.2024.
²IDC. IDC FutureScape: Worldwide Generative Artificial Intelligence 2024 Predictions. IDC #US51291623. October 2023.