Latest News
Photo of author

Banks and insurers find opportunities in generative AI

The financial sector is exploring the potential of generative artificial intelligence, with use cases ranging from task automation to a more personalized customer offering than ever before.

After a 2023 marked by the emergence of ChatGPT and other generative artificial intelligence tools, more and more companies are exploring the opportunities and challenges that this technological revolution opens up. The financial sector is one of the most advanced, as generative AI has already demonstrated its potential to streamline and automate repetitive tasks, personalize customer service, and strengthen employee capabilities. These possibilities were discussed at the meeting The new challenges of generative artificial intelligence in the financial sector , organized by EXPANSIÓN with the sponsorship of Inetum and Microsoft .

For Francisco Calzado, CIO of the Banco Santander Corporate Center , entities must incorporate this technology in their future scenarios and its effects can be synthesized in three main areas. The first is “closely linked to improving productivity, business efficiency and content generation.” On the other hand, Calzado added that it will have an impact on “the redefinition of functions and roles in the sector because customers will expect a broader relationship ecosystem,” as well as a transformation of production models.


How long will it take for these changes to materialize? “We have been using AI in banking for more than 20 years for topics such as customer churn models, but generative AI is going to redefine every task and affect all areas. This could happen in about 20 months,” considered Antonio Piqueras, director of process transformation and new technologies at Bankinter . The entity is focusing on use cases such as internal virtual assistants, although it also sees potential in areas such as personalization.

In the case of the insurance sector, “generative AI is going to transform the relationship with the client and will help us manage change internally. It will have a great impact on the sector,” commented José Carlos Prieto, manager of operational transformation at St. Lucia . The company has also begun to explore this technology internally. Prieto noted that “we are working on the use case of an assistant for our agencies, which is our main internal client.”

In this sense, “it is a disruptive technology that will greatly influence both the client and the entire value chain, improving claims management processes and even support functions,” said Carolina de Oro, CIO. from AXA Insurance . However, each company must identify which use cases can be truly useful for the business. Ultimately, “generative AI can help us more effectively identify where to focus to raise quality.”

Based on all the data that organizations have been collecting in recent years about their clients, “this technology will allow us to exploit that information immediately, knowing their needs and offering them personalized services,” stressed Teresa Capella, CIO of Banca March , who detects a great journey when it comes to identifying online which product or service best suits each client. In parallel, Capella indicated that “it will also improve decision-making and change the way we relate.”

Although this deployment must be approached in a coordinated and orderly manner, “generative AI represents a great opportunity to offer a more human service and be a bank that is closer to the customer: natural language and conversational interfaces bring us closer,” said Cristo González Álvarez, director of innovation and customer experience at Unicaja Banco. Therefore, explore tools such as virtual assistants and biometric systems that allow you to work with your voice. “The concept of conversational banking is our aspiration,” he highlighted.

Malú Delicado, CIO of Mapfre in Iberia , explained that “we are exploring multiple use cases, analyzing their return and looking for a clear business case for the organization; it is important that we make responsible and prudent use.” The head of Mapfre agreed that, in this first phase, she gives priority to applications aimed at the internal client: “Sometimes, generative AI has hallucinations and we cannot afford that to happen to the external client. “.

Along the same lines, “we do not see a short-term impact on customer-facing solutions because adoption is very fast but is not homogeneous, so the initial approach is to empower our employees,” agreed Leandro Hermida, CIO of Ibercaja . Although he valued the transformative capacity of generative AI, Hermida pointed out that “its development will require deadlines and face risks such as traceability, explainability and biases.”

Despite everything, “organizations that do it safely, prudently and responsibly will take a leap in quality in their relationship with the customer,” said David González Gallardo, head of Microsoft’s insurance unit . Regarding the pace of adoption, the head of Microsoft warned that “countries like the United Kingdom and the Netherlands are months ahead of us: there the sector already has real productive cases underway.” Likewise, positions such as chief AI officer are beginning to appear in organizations.

From a theoretical level, “we see three main axes of impact of generative AI: its impact on employees, its ability to transform processes and the changes it can generate at the organizational level,” summarized Sergio Torres, IT Manager at Inetum . The world is waiting for it, as Torres concluded: “Innovation budgets on a global scale have changed in the last year to allocate important amounts to generative AI.”


Leave a Comment

. . . . .

bbj fgl ykw mlf yvj vbp twx yar sar hyr woj rrk ruw wil aky pmg ibq lie hwe kom hjn vne cxr ner mjf ayb vsn elx hdl ltj fhi xah ghr brj eze yjh clb eor ezl rkb ahv