Can We Bank on AI?

With the majority of customers now using online banking and a surge of high street banks closing or being downsized across Europe, the way customers access and manage their finances has already gone digital.

Yet one pioneering development that may accelerate that even faster, is the integration of Generative AI and Large Language Models (LLMs).

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The Vast Value of LLMs

We’ve all heard of chat GPT, Microsoft Bing AI and YouChat. But did you know that LLMs are transforming financial processes such as automated customer service, fraud prevention and personalised financial advice too? It’s just one of the ways that smart language learning is evolving.

Their adoption isn’t just a trend; it’s a strategic imperative. LLMs enhance efficiency, accuracy and scalability.

Customers can also opt into an AI-powered analysis of their unique financial situation, to gain bespoke advice on investments, savings and financial planning. It works by scanning vast amounts of data, to deliver unrivalled insights, that your in-store advisor simply couldn’t compete with.

Tech Trailblazers

Financial institutions worldwide are already integrating LLMs, with their capabilities reshaping banking for the better. In March this year, BloombergGPT was launched – a 50-billion parameter large language model, purpose-built from scratch for finance. Talk about go big or go home. (Taken from here)

Specifically trained on a wide range of financial data to support a diverse set of natural language processing (NLP) tasks within the industry, the model will assist Bloomberg in improving existing NLP tasks, such as sentiment analysis, named entity recognition, news classification, and question answering.

How AI Creates a Holistic Banking Experience

This new era of banking is certainly going to be divisive. Old school customers will still expect the human touch, whereas those already on board with digital living, will embrace it, as they would a new app.

The thing is, customers expect fast, accurate responses. And Generative AI can do that, alongside a consistent service, reduced waiting times and enhanced satisfaction.

A New Era in Banking

Generative AI and LLMs are not just tools. They represent a dynamic shift in the financial services industry. Extracting real-time insights for the use of LLMs and Generative AI is a powerful way to accelerate efficiency, productivity and customer satisfaction.

Intel? powered Lenovo products can support and empower that transition. Our software stack is optimised for both environments.

Over the next 3 years, we’re heavily investing in AI, embracing it from all angles, providing AI devices, AI ready and AI-optimised computing infrastructure, and embedded AI generated content. We’re all in.

Similarly to how ML and AI understand and adapt to customer needs, we can respond to yours, with bespoke solutions to fit your unique needs.

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Ready to find out more?

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