Productivity
Going beyond personalized assistants & Co-pilots: Unlocking New Potential for the Financial Industry with Generative AI.
8 Dec 2023
The financial industry has the potential to be revolutionized by Generative Artificial Intelligence (Gen AI). Today, the vast majority is aware of its impact on knowledge management by introducing personalized assistants and specialized co-pilots. So, lets look further into how it can contribute and deliver tangible results. Below we have compiled a list as conversation starting point, so feel free to comment or reach out directly with your use cases. MimerAI is designed to be private & secure, all-in-one platform capturing all the diverse use case you might have, across all departments and business roles, integrating seamlessly into existing systems & processes.
Assisting research
Gen AI is a game-changer in the field of capital markets research. Its capability to process, analyse & summarize massive amounts of data uncovering insights that may escape human observation makes it an ultimate tool for scrutinising diverse company filings, financial statements, transcripts, regulatory filings, macroeconomic reports, and other complex data in multiple formats. By leveraging these advanced capabilities, financial institutions can swiftly and accurately identify & summarize essential information, providing both analysis & management with valuable insights to inform their decision-making processes. Moreover, it can help in identifying potential biases in financial data and provide unbiased recommendations, which could lead to more accurate investment decisions.
Improving client relations
Existing Machine Learning (ML) tools are already successfully used for predicting marketing or sales offers for specific customer segments based on wide range of data points, including financial goals, risk tolerance, investment horizon as well as past financial behaviour. However, operationalizing these insights can be challenging, especially when it comes to creating personalized marketing emails or in-app messages with tailored financial recommendations. This process can be time-consuming and resource-intensive. Gen AI addresses this issue by facilitating the creative process of one-to-one personalized messaging at scale using conversational language. By doing so, it enhances customer experience, retention, and cross-selling efforts. Its ability to generate human-like language makes it an ideal tool for crafting personalized content that resonate with customers, leading to better engagement & increased revenue.
Compliance & legal department aid
These departments can benefit significantly by facilitating, supplementing or automating various text-heavy task. By analysing existing documents together with legal framework Gen AI may be used for preliminary drafting of new ones tailored to a specific case, client or transaction, saving time, reducing errors, as well as ensuring compliance with regulatory requirements. Similarly, it can be used in document review processes, again ensuring compliance. Yet another area where Gen AI can help is compliance monitoring identify potential violations, flagging the suspicious activities then alerting legal & compliance teams to take appropriate actions. Finally, Gen AI can also assist in legal research. By analysing & summarizing large volumes of case law, statutes, and regulations, Gen AI can help professionals find relevant information, making informed decisions.
Enhancing investor relations
The usage of Gen AI in investor relations can help financial institutions in communicating more effectively, improving transparency, and building stronger relationships. By automating drafting of reports, factsheets, and presentations that are tailored to the specific needs of individual investors the investor relations team saves time and resources allowing them to focus on higher-level tasks such as communicating with investors and addressing their concerns. Furthermore, Gen AI can help in highlighting potential concerns and preparing for earning calls or board meetings by generating possible questions from various roles giving the essential upfront time for preparation and drafting possible answers or actions to propose.
Conclusion
Let us stop there and conclude that Gen AI definitely has the potential to create significant value within the financial industry and MimerAI can be your partner all the way on that journey.
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