Opportunities for AI in financial services organizations

  • 7 minutes

Here are some of the main advantages of implementing AI and the specific use cases that make them possible.

Productivity

Products like Microsoft Dynamics 365 Copilot, Microsoft 365 Copilot, and Microsoft Power BI can help you boost productivity in your organization. You can use them to analyze complex financial data and generate reports to help financial advisors and analysts make informed decisions.

These products embed powerful generative AI models that are skillful in text generation, so they become assistants that can help you perform all sorts of tasks. This approach is what Microsoft calls copilot. In FSI, these assistants can be helpful in writing and editing these types of documents:

  • Compliance documentation: Finance professionals can’t risk not complying with the corresponding regulations. AI can provide drafts and suggestions to ensure nothing is missed. These applications can evaluate new loans and accounts to verify they meet regulatory requirements.
  • Financial product documentation: Advisors often need quick answers to complex questions regarding these highly technical documents. These assistants help them retrieve this information fast.
  • Communications: Workers often complain of the time they lose in calls and other communications, especially when collaborating across departments. These solutions can help streamline these tasks by drafting emails, recommending best responses, summarizing meetings, scheduling follow-ups, and creating action plans.

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Contextual interactions

These AI solutions enable customized interactions based on context and on business information. Here are some applications for FSI:

  • Tailored product recommendations: Azure AI Services and Microsoft Dynamics 365 Copilot have features for hyper-personalization. It implies your agents can use these products to offer your clients just what they need, but also that your marketing team can launch much more targeted campaigns to boost their impact.
  • Better virtual assistants: Many products can help FSI professionals via conversational interfaces. For this purpose, you can use Azure OpenAI Services, Azure AI Services, Dynamics 365 Copilot, Power Virtual Agents, and Power Platform. The resulting virtual assistants provide a more fluid, natural service than earlier generations. You may build these solutions to answer complex questions you’re your customers about financial products and services.
  • Onboarding and help desks for financial agents: With Azure AI Services, and especially Azure OpenAI Services, you can offer your workers training on internal processes, regulatory standards, and financial products.

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Amplified automation

Microsoft AI offers you the tools to automate tasks, so you can spend time on what’s important.

  • Process and organize financial data: You can have applications that search in large amounts of transaction data, customer feedback, and market trends. This feature is covered in Azure AI Document Intelligence (formerly Form Recognizer), Azure OpenAI Services, and Azure Cognitive Search.
  • Anticipate customer behavior: Azure Machine Learning, Power BI, and Azure OpenAI Services can do predictive analytics for you, that is, these solutions use past or current data to predict future trends in customer behavior.
  • Generate full-circle financial reports: Several Microsoft products, such as OpenAI Services, Microsoft Power BI, and Azure Synapse Analytics, enable you to automatically create these documents for your analysts. They can also analyze customer trends and draft risk assessments.

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Intuitive discovery

These tools are also powerful for analytical tasks.

  • Financial and market analysis: FSI experts can use Azure OpenAI Services to get insights from transaction data, customer interactions, and market trends.
  • Financial product development: Azure OpenAI Services can power assistants that help FSI experts design data-based, custom products.
  • Insurance claims analysis: AI-powered assistants can speed up this task by detecting patterns and anomalies with Azure OpenAI Services.
  • Underwriting: Azure OpenAI Services can also summarize underwriting opportunities, help detect fraud, and predict default.
  • Contact-center analytics: You can boost your contact center with Azure AI Services and Microsoft Power BI. These products allow you to transcribe and analyze customer service interactions to identify areas for improvement and uncover emerging customer needs. You can improve your analysis with sentiment analysis, which helps gauging customer satisfaction, product perception, and market sentiments. Besides, these solutions can provide real-time coaching for contact-center staff. You can easily update the contact-center knowledge base by feeding new information to the AI, thus improving responses for customers.

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Consider that these products belong to a robust Microsoft ecosystem that ensures security and privacy. You can learn more about how to implement them in FSI by checking the Microsoft Cloud for Financial Services and Azure for Financial Services websites.

Tip

Take a moment to consider what opportunities you hope to realize with AI in your organization. Photograph showing people working and talking around a table.

Next, let’s explore a real success story in banking: how Swift is using Microsoft AI to improve security in transactions.