GenAI use case for understanding financial institution data
Southwestern National Bank used to spend hours gathering data and working in spreadsheets to create a geographic concentration report for the OCC examiners. Using Abrigo Connect, a business intelligence solution, the bank can use natural language when searching for data to help with regulatory examinations, board reporting, or weekly management and risk reporting. Now, Southwest National uses Connect to generate a report in seconds to show examiners the loan concentrations across its markets. The same solution can help Southwestern examine efficiency within operations and improve credit and portfolio risk monitoring.
GenAI use case for resolving financial institution member or customer needs faster
Pentagon Federal Credit Union (PenFed) provides the status of loan applications, product and servicing information, and technical support to members nearly 40,000 times a month using a Salesforce Einstein-powered chatbot. The chatbot generates answers to members' questions and now resolves 20% of member cases on first contact, according to a report on CIO.com. The reduced pressure on its call center has allowed PenFed to cut its time to answer calls by a minute, to just under 60 seconds, despite increased membership.
GenAI use case for fostering relationship banking
Abrigo client BAC Community Bank in Stockton, Calif. ($800m deposits) uses an app that answers customer questions and matches them with a BAC banker as their assigned contact.
GenAI use case for sniffing out fraud in emails and instructions
JPMorgan is reportedly using large language models to fight fraud and other attacks embedded in email and other financial communication. Its technology can detect signals for fraudulent emails or fraudulent instructions for a wire. MasterCard is reportedly trying to better protect from fraud its cardholders and the financial institutions using its network with its proprietary generative artificial intelligence model. The GenAI model uses the 125 billion transactions on MasterCard’s network each year to identify fraudulent patterns so financial institutions identify more fraud while spending less time assessing specific transactions.
GenAI use case for training employees and making them more productive
SouthState Bank, another Abrigo client, trains its enterprise version of ChatGPT only on bank documents and data. No customer data is fed into the system and it's not available to anyone outside the bank, which has $45 billion of assets. Employees are asking the system questions about the bank's 400-page commercial loan policy and 600-page branch policies and procedures. A new teller who needs to reissue an ATM card can ask the system how to do it; employees summarize regulatory documents or sets of policies; marketers create copy and bankers compose emails with it. "In our couple months of rolling it out, we get a five to eight X boost in productivity just by saving time," Nichols told American Banker. "It normally takes an employee 12 to 15 minutes to figure out the correct answer. That gets reduced to seconds."
GenAI use case for resolving bank transaction/fraud disputes
Financial institutions have been beta testing Salesforce’s genAI-powered Transaction Dispute Management in “human in the loop” or “copilot” mode with human agents. Fraud dispute resolution is often a huge expense for banks and credit unions and one that causes a lot of client frustration, Tech Target notes in a recent report. The technology is a bot that helps with dispute acknowledgment, case opening, resolution, and closure by invoking policies, procedures, history, and knowledge bases. The goal is consistency and transparency in resolving transaction disputes and improving retention by resolving employee frustrations.