The financial services sector has proven that an established cloud strategy can propel a company’s AI initiatives forward.
More than half of banking IT executives expect AI agents to be fully embedded in risk, compliance, and audit functions, as well as fraud detection and transaction monitoring, according to Accenture data.
A separate McKinsey report expects companies to trim their costs by up to 20% as they deploy the technology.
The successful rollout of AI agents in the context of financial services requires collaboration with business clients, according to Ken Tingle, first VP and business intelligence manager at Cape & Coast Bank.
Tingle emphasized that leaders should enlist the entire organization to support governance and data quality initiatives, as AI agents can’t carry out successful actions without the right data.
AI use cases in the financial services sector are focused closely on driving growth, with Cape & Coast Bank turning to Creatio’s platform to deploy a referral agent.
This referral agent tracks the performance of AI-recommended leads alongside employee-driven referrals, allowing the bank to compare the effectiveness of each approach.
Organizations should start small and focused, beginning with a targeted, straightforward use case to encourage AI adoption, Tingle said.
Drew McMonigle, CTO at Lake City Bank, also emphasized the importance of starting small, suggesting that organizations begin by having people use AI assistant-type use cases.
Once adoption begins to gain traction, McMonigle recommended communicating those successful, approved use cases throughout the organization to create groundswell organic adoption while supporting AI governance.
The financial services industry shares a common challenge with other industries: the critical importance of clean data to successful AI deployments.
If they don’t have clean data, any integration made from any other system is not going to be satisfactory, said Meeta Autrey, VP and IT manager at Mission Valley Bank.
As the bank continues to develop its AI capabilities, it is likely to face new challenges and opportunities.
By taking a thoughtful and incremental approach to AI adoption, Cape & Coast Bank is well-positioned to realize the benefits of AI while minimizing the risks.
The bank’s experience with AI is likely to be of interest to other financial institutions, as they consider their own approaches to AI adoption, and this may involve changing their digital marketing strategies.
As the financial services sector continues to evolve, AI will play an increasingly important role in shaping the industry’s future.
AI has the potential to bring about significant changes in a wide range of industries, including financial services.
They will need to adapt to these changes to remain competitive.
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