Artificial Intelligence (AI) is driving the world towards a new era of innovation and transformation, and the banking and finance industries are no exception. The banking industry is redefining their operational landscape by integrating latest technologies. Generative AI, Robotic Process Automaton, Intelligent Automation, HyperAutomation and Agentic AI are shaping the trendsetting methods for banking operations.

What is Generative AI (Gen AI)?

Generative Artificial Intelligence refers to AI such as ChatGPT, Sora AI, Google Gemini AI. These AI generate unique and new content as per the request input. Prompt engineers have gained increased demand with Gen AIs increasing popularity. In banking industry, Gen AI enables the banks to automate the complex processes and boosts the efficiency of the existing systems. Combining Gen AI with RPA Services permits complete automation in the banking industry.

What is the Role of Gen AI in Banking?

Gen AI has a variety of applications in the banking industry that can completely transform the ways current transacting operations are performed. It makes the interaction with the customers more effective, easy and efficient. The AI is trained to make smart and swift decisions based off the given data. The decision making ability improves with time as Gen AI gains experience. Some of the important roles of Gen AI are as follows:

1. Generating Content: The most basic and generalized use of Gen AI through all sectors and industries is to produce content from given data. It can swiftly produce financial reports, research reports, news, and marketing content and can also write content for emails.

2. Personalized Experiences for Customers: Gen AI produces personalized and satisfactory experiences for the customers as well as the bank. It remembers all the facts and numbers correctly and can offer swift answers to the customer. The AI can evaluate the needs of the client and can accordingly sell offers and products. RPA Development Services ensures that consumers’ behavioral data are stored efficiently for future use.

3. Detection and Prevention of Frauds: Gen AI analyses the transacting patterns, identifies the anomalies and predicts the possible fraud. It prevents frauds based on potential fraudulent behavior of the clients and aids in timely alerting of the authorities. Top RPA agency ensures that accurate alerting percentages are higher and that false alarms are minimal.

4. Assessing and Evaluating the Credit Risk: Financial statements, credit history and other relevant documents are analyzed with scrutiny. With Gen AI constantly developing and consistently evaluating fraudulent patterns, the banks are enabled to take proactive steps towards prevention of frauds. The client is assessed thoroughly with the documents available and then creditworthiness is evaluated. Defaulting probabilities are predicted and financial losses are largely curbed with Gen AI and RPA Services.

5. Virtual Assistants and AI chatbot services: Agentic AI combined with Gen AI make a great combination. They make customer service easy and human like. RPA Services and Gen AI reduce the workload of the human representatives. It responds to queries, provides continuous support and offers quick resolutions 24/7.

What is Agentic AI?

Agentic Artificial Intelligence is an AI that gives the machines the ability to communicate with humans is an intuitive, natural, and more human like manner. It bridges the gap of communication and gives enhanced and personalized experience which is crucial for enhanced AI chatbot services.

Artificial Intelligence that are “Agentic”, possess the ability to think and can make the decisions, often on behalf of their human counterpart. Such AIs can typically replace the humans for the work completely and do not require supervision. Deploying these for customer service with AI chatbot services can cut the running cost of company significantly.

What are the key benefits of utilizing Gen AI, Agentic AI and RPA Services in Banking Industry?

1. Cost Savings – With RPA performing the bulk of repetitive and rule based operations and AI managing the decision process, the cost of running the banking industry is greatly reduced.

   Since the human workers are reduced, the infrastructure required is also less. This also permits expansion and scalability.

   Additional working hours without needing to pay extra! The operations can run 24/7 without breaks, holidays or leaves.

2. Enhanced Productivity and Efficiency

3. Expansion and Scalability

Neo Banks: Success of AI and RPA Services in Banking Industry

Neo banks are a great use case for understanding the changing trends of the finance and banking industry. These banks are highly automated and do not require excessive infrastructure. Most of the operations are performed digitally, from account opening, creating Fixed Deposits, applications for check books etc.

Neo banks are often designed to attract the younger generation that wants everything quick and without paperwork. Everything is digital for the clients- including depositing and transacting from accounts. Account holders interact with banks through mobile applications and AI chatbot services. The set-up of Neo banks are being opted by several traditional banking industries.

Conclusion:

Integration of Agentic AI and RPA Development Services can completely revolutionize the banking and finance industry. Applications of Agentic AI in banking industry include: Intelligent Agents, RPA, Virtual assistants and AI chatbot services.