The potential of artificial intelligence in the banking sector
Artificial intelligence (AI) is emerging as a crucial tool for the transformation of the banking sector, especially in private banking. According to recent estimates, AI could contribute to a 7% increase in world GDP by 2033, a fact that cannot be ignored by financial institutions. In fact, banks are beginning to recognize the importance of integrating this technology into their processes to remain competitive and respond to growing customer needs
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Innovation and customer service
A significant example of this evolution is represented by Banca Generali, which has launched an experimentation program for document analysis through AI. Riccardo Renna, Chief Operation Officer & Innovation of the bank, underlines that the objective is to improve the quality of the answers provided to customers, using innovative tools for consultants. Thanks to AI, it will be possible to provide a detailed overview of the customer’s financial situation, allowing bankers to better understand individual needs and offer tailor-made solutions
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Training and culture of innovation
Staff training is another key aspect for implementing AI in private banking. Valentina Frezza, head of the HR department at Banca Generali, highlights the importance of creating dedicated training courses to develop the necessary skills. Currently, only 16% of Generation Z and 11% of Millennials use AI in their work, which indicates an urgent need for training and awareness. Innovation must start with people, and banks must invest in human capital to fully exploit the potential of AI
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Initiatives for the adoption of AI
Banca Generali has launched several initiatives to promote the adoption of AI, including forums with industry experts and hackathons to stimulate creativity and innovation. These events not only promote confrontation between professionals, but also create internal ambassadors who can guide change and share best practices. The goal is to integrate technology with human talent, creating an environment favorable to growth and sustainable innovation in the long term.
In conclusion, artificial intelligence represents a great opportunity for private banking, but its success will depend on banks’ ability to invest in human capital and promote a culture of innovation. Only in this way will it be possible to face the challenges of the future and guarantee a high quality service to customers.