GenAI readiness: Banking, financial services and insurance industry
Everest Group, supported by TELUS International, surveyed 200 customer experience leaders from around the globe in multiple industries — including over 40 banking, financial services and insurance (BFSI) leaders — to determine their enterprise readiness for the adoption of generative AI (GenAI).
Four key themes emerged from the BFSI sub-segment of the survey results.
Over the next 12-18 months, 59% of BFSI customer experience management (CXM) leaders intend to invest more than $1 million in GenAI in order to drive operational efficiencies, reduce costs and improve customer experience. This result was 4% higher than the survey average for this question, which included CXM leaders from across the technology, travel and hospitality, telecom and media, retail and healthcare industries.
The survey results also show the predominant investments will be in non-voice channels followed by data and analytics and then customer support on voice channels.
BFSI CXM leaders consider their top three biggest roadblocks vis-a-vis GenAI implementation to be:
- Regulatory compliance
- Data security and privacy
- Exposure risk from GenAI
Due to cost considerations, limited resources and the need to implement AI projects on time, the majority of BFSI CXM leaders said they will either outsource the work or use a hybrid internal/external model. Their top three expectations from a third-party provider are that their GenAI solutions will:
- Be tailored and integrated with their existing framework
- Provide a comprehensive view of their customer interactions
- Be able to be trained on their enterprise data for customized and continuous improvement
Because of cost considerations, limited internal expertise and resources, and time to market requirements, the majority of BFSI CXM leaders are looking to leverage a firm with global resources, including GenAI talent and expertise to fast track their implementation journey. Working with an external provider, their top three expectations are that they will:
- Build them bespoke GenAI solutions
- Integrate new GenAI solutions within existing frameworks and tools to provide a comprehensive view of their customer
- Train GenAI models on their organizations’ enterprise data
Get a “Jumpstart” on your GenAI project
With over 19 years of experience and more than 100 clients in the BFSI industry, we understand the challenges leaders are currently facing and we have our finger on the pulse of the latest trends and technologies in customer experience. Our new GenAI Jumpstart accelerator program — a short eight-week engagement designed for companies at an early stage of their AI journey — holds great promise for brands in highly-regulated industries such as BFSI. With a path-to-production focus, this program rapidly identifies use cases, builds powerful risk mitigation tools and delivers a functional GenAI-powered virtual assistant prototype.
Reach out to our team of knowledgeable experts to see how we can help turn your GenAI ideas into tangible outcomes.