James Dean, global generative AI specialist and financial services industry lead atGoogle Cloud, will speak at Bank Automation Summit U.S. 2024 on Monday, March 18, at 3:15 p.m. CT.
Dean will join the panel “RPA: New approaches and techniques” withLuther Liang, director of product atGrasshopper Bank;David Lyons, intelligent automation program manager atDiscover Financial Services; and Mike Reynolds, business technology executive atKeyBank.
During the session, panelists will discuss:
- How to use process mining and discovery to design automation.
- Combining RPA and AI.
View the fullevent agenda here.
In an interview withBank Automation News, Dean talked about how financial institutions should approach gen AI, new uses for gen AI and innovations at Google Cloud. What follows is an edited version of that conversation.
Bank Automation News: How should financial institutions approach generative AI?
James Dean:Financial Institutions must strike a balance between embracing innovation and managing risks. A pragmatic “test and learn” approach and clear use-case prioritization are keys to success. All priority use cases should have clear intentions, objectives and outputs they want to achieve. Moreover, metrics must be tied to use cases on what value generative AI will bring.
BAN: What are Google Cloud’s bank clients expecting out of generative AI?
JD:Banks are keen on leveraging generative AI across four main objectives.
- They want to use generative AI to cut costs, simply said.
- They want to improve the customer experience, increasing NPS, CSAT and overall satisfaction of their business.
- They are looking for ways generative AI can reduce risk in their business, whether that be improving fraud detection or enhancing anti-money laundering compliance or improving credit risk assessment.
- There is a great opportunity to identify new revenue streams. One example is Hyper-Personalized Product Development and Cross-Selling with generative AI to identify unmet needs or pain points. For example, a mortgage customer might get pre-approved for home insurance tailored to their property at the right time.
BAN:What uses of generative AI are you seeing emerge for FIs to leverage?
JD: One way FIs are taking costs out of their business is using generative AI in Intelligent Document Processing. What was done mostly by people now can be achieved with automated extraction of key information from documents (contracts, applications, loan agreements, etc.), reducing manual labor and errors. Another example is self-service chatbots and automated virtual agents as they have advanced using generative AI to the point that customers are very comfortable interacting with them because generative AI has allowed them to communicate like a human with a level of efficiency that customers get what they want faster than they ever could before (no more holding on line or dealing with novice agents).
BAN: What’s on the generative AI roadmap for Google Cloud?
JD: In December, we took a significant step on our journey to make AI more helpful for everyone with the start of the Gemini era, setting a new state of the art across a wide range of text, image, audio and video benchmarks.
However, Gemini is evolving to be more than just the models. It supports an entire ecosystem — from the products that billions of people use every day to the APIs and platforms helping developers and businesses innovate. Gemini is available in 40 languages on the web, and with the new Gemini app on Android and on the Google app on iOS. Gemini Ultra, one of our newest versions, creates a new experience far more capable at reasoning, following instructions, coding and creative collaboration.
For example, it can be a personal tutor tailored to your learning style. Or it can be a creative partner, helping you plan a content strategy or build a business plan. We also recently announced our next-generation model, Gemini Pro 1.5. Gemini Pro 1.5 delivers dramatically enhanced performance optimized for scaling across a wide range of tasks and it introduces a breakthrough experimental feature in long-context understanding.
BAN: What are you most looking forward to during your panel discussion at Bank Automation Summit U.S. 2024?
JD: I am most looking forward to the panel discussion and sharing with the audience how generative AI will help create the AI bank of the future by discussing how banks can pragmatically and responsibly leverage these new technologies today to take costs out of their business, improve the customer experience, reduce risk and create new revenue streams.
Join us for Bank Automation Summit U.S. 2024 in Nashville, Tenn., on March 18-19! Discover the latest advancements in AI and automation in banking.Register now.
