GenAI and private cloud synergy are transforming the financial sector

The integration of Generative AI (GenAI) into the financial sector is rapidly changing how financial institutions (FIs) operate and engage with their customers. McKinsey estimates that AI could add up to $340 billion to the global banking industry, showing its enormous impact. With the Saudi Arabian Monetary Authority (SAMA) and the Dubai Financial Services Authority (DFSA) introducing rules to make financial services more transparent and fair for customers, let’s take a look at how the financial sector is embracing these new technologies.

The power of GenAI 

Generative AI is emerging as a key technology in enhancing FI customer service. It assists in answering basic questions through AI chatbots and offering personalised advice using machine learning. Unlike traditional AI, GenAI can create new content, such as text, images, and videos, from the data it learns.

This technology makes services more efficient and allows FIs to offer 24/7 support, letting human agents handle more complex issues. Additionally, blockchain is being used to make transactions more transparent, especially for international transfers. Together, these tools give customers more control and clarity over their finances, building stronger relationships with their financial providers.

Private cloud synergy

A cloud-enabled system is an ideal infrastructure for companies, offering the security, storage, and flexibility needed for advanced technologies. By using this infrastructure, FIs can improve performance and data security, which are key to maintaining customer trust and meeting strict regulations.

By leveraging cloud capabilities, banks can provide easy-to-use self-service portals, monitor transactions in real-time, and offer personalised recommendations. This change improves service delivery and helps identify and fix any issues or obstacles in customer experience.

The impact of digital transformation

As the financial industry evolves, adopting new technologies is more important than ever. Financial institutions that embrace changes like GenAI and cloud technologies not only stay ahead of the curve but also set new standards for customer engagement and satisfaction.

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