As banks continue to navigate the complexities of a rapidly evolving digital landscape, the integration of AI technologies promises to redefine industry standards and elevate customer satisfaction to unprecedented heights. This was stated by Ivo Camilleri, Chief Strategy, Transformation and Data Officer while introducing a workshop for BOV employees, focusing on the use of AI in the Financial Services World. "It is imperative that we invest in driving change in the local financial services sector, change that translates into better risk management and enhanced customer experience," Mr Camilleri said.
The Bank sought the collaboration of experts from the renowned global firm Strategy& to contribute to this event. Strategy& presented cutting-edge advancements in the fields of AI that are relevant to the whole banking sector. They shared their insights and perspectives with those present.
The discussion moved from surrounding emerging technologies like Gen AI and Deep Learning to practical tools such as Microsoft CoPilot which are tailored for the banking industry. The experts at the event hinted at what could be the trajectory of financial institutions toward an increasingly technologically driven future.
It was noted that, despite advances made, Europe finds itself approximately 1.5 years behind North America in embracing such innovations. However, the silver lining lies in the flexibility of resource capacity requirements. Even if one had to start with modest numbers or small operations, the returns yielded would be significant. This acknowledgment underscores the immense potential for growth and innovation within the European banking landscape.
Moreover, discussions at the event highlighted the need for banks to identify strategic entry points across various functions to embark on their transformative journey. AI brings important shifts towards greater automation and efficiency. More recently it is also expanding to encompass sophisticated applications in risk management, fraud prevention and tailored customer service. This shift requires broad upskilling initiatives across different teams within the organisation. Meanwhile, for banks to operate at scale successfully, it will be necessary to create interlinkages between engineering expertise and leveraging AI tools.
Speaking after the event, Ivo Camilleri expressed his satisfaction at the level of interest and the engagement that the discussion aroused among those present. "Artificial Intelligence is not a fad or a trend, but a critical tool that we need to understand and leverage for the best interest of both our customers and employees." He explained how this workshop was an important prelude to a discussion that needs to go on within the Bank, cutting across all the functions, be they front-facing, support or control. "From the generation of synthetic data to personalised customer experiences, AI serves as a basis for driving customer-centric innovation within the banking sector. At Bank of Valletta, we are taking a leading role to reap the benefits of AI and translate them into better understanding customer journeys and providing high quality customer experiences."
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