Published on February 16, 2024, 11:34 am

The power of generative AI is revolutionizing the way banks operate, allowing them to work more efficiently and effectively. From customer onboarding to fraud detection and risk regulation, AI is playing an increasingly integral role in the banking industry’s digital transformation.

However, for generative AI to succeed, it needs access to the right data. This can be a challenge for banks, as their data is often siloed on legacy systems. Therefore, before embracing AI, banks must ensure that their data is AI-ready—a crucial step to achieving success.

Enter Copilot for Microsoft 365—a game-changing solution that helps banks unlock the full potential of generative AI. By combining large language models (LLMs) with a bank’s own data, Copilot empowers employees with virtual personal assistants, copywriters, and analysts.

What sets Copilot apart is its integration into Microsoft 365. This seamless integration allows employees to leverage familiar work tools like Word and PowerPoint using plain language prompts or inputs. The result? Enhanced productivity and efficiency across various banking tasks.

Banks are already reporting significant time savings by utilizing Copilot for meeting summaries, email drafting, and content generation. With employees reclaiming up to two hours per week previously spent on these tasks, they can now focus on building deeper customer relationships—a crucial aspect of personalization in banking.

It’s important to note that Copilot doesn’t aim to replace human banking activity but rather enhance it. By augmenting staff capabilities in a multitude of areas—from productivity and innovation to security—it frees up valuable resources that can be redirected towards delivering exceptional customer experiences.

As we shift towards a future where AI plays an even greater role in daily operations, Avanade research reveals that banks will require more people—rather than fewer—to support their adoption of generative AI tools like Copilot. Over half of banks surveyed believe they will need substantial support in training their staff on these tools.

That’s where Avanade, as a trusted Microsoft partner, comes in. With access to the latest tools and technologies from the Microsoft portfolio, including cutting-edge OpenAI innovations, Avanade can help banking teams unlock the full potential of generative AI.

From assessing employee readiness to prioritizing actions that enable banks to use AI at scale, Avanade offers a comprehensive suite of services tailored to the specific needs of banks. By focusing on governance and new operating models, Avanade ensures that banks leverage AI effectively while mitigating risks inherent in digital transformations.

Visit our new Copilot Banking site for more information on how Copilot and Avanade can empower your bank with generative AI solutions. Let us help you unlock the true power of AI for enhanced productivity, deeper customer relationships, and overall business success.

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