How generative AI will change the way banks serve customers and how NetApp can help

The world continues to change. Some technology and industries are changing quickly and consistently, and the financial services industry is one of them—leading in a new direction to change how you experience banking. The change is generative artificial intelligence or generative AI (or gen AI, depending on who you’re talking to). Generative AI is the name given to technology that uses algorithms to create content, code, text, and simulations, just to name a few. How does this change the way banks serve us? It changes how banks can interact with us, and it can make the customer experience more personal and convenient. Here are a few examples of what I mean.

In the past, financial advice seemed to be basic, simple, and one-size-fits-all. With generative AI, banks can be better at understanding a customer’s wants and needs and can deliver specific advice and recommendations that will help improve financial security. This advice depends on a customer’s financial situation, goals, risk tolerance, and the market situation. With generative AI, a bank can understand all of that in an instant and deliver advice tailored to the individual, enabling customers to make smarter decisions.

Customers contact a bank in person, on the phone, or through technology—but generative AI takes it to another level. No more waiting in line, no more getting put on hold, no more waiting for an office to open: You can get your questions answered and execute your transaction when you want and when you need to. AI-powered chatbots can answer your questions or guide you to do what you need, just as if you were interacting with a real person. Generative AI can also guide banks to understand your transactions, your balances, and your habits and tailor products and services to fit your financial goals and preferences.

Generative AI can also be used to spot unusual things happening with your money or in your accounts. Banks can use this technology to detect anomalies, protect your account, and warn you immediately when bad actors are trying to do something they shouldn’t or pretending to be someone they are not. These capabilities keep your money safe and help you put more trust in your bank.

Along with the exciting new possibilities that come with generative AI, there are also uncertainties, risks, and challenges. Factors like governance, security, and reliability present real concern. Banks must pull together very large amounts of unstructured and structured data to provide a complete picture of customers and their personal situations. Where do they start? How do they proceed? Quality, security, scalability, and accessibility are critical components of being able to provide personalized, secure financial advice. NetApp can help.

Generative AI is improving the ways that banks serve you. From personalized advice and guidance to products and services tailored for each individual customer, generative AI will continue to improve your banking experience. NetApp^® offers technology and solutions that enable more efficient data collection, accelerated AI workloads, and smoother cloud integration. To learn more, visit our AI solutions webpage.