Harnessing the Power of Generative AI in Your Organization

Identify where AI can add value. Then, choose the right generative AI technology and ensure you have a robust data management system in place. Start a Pilot then.

October 25, 2023

Generative AI for your Company, AI for Organisations

TL;DR	Summary
Why is AI important in the banking sector?	The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service.

AI Virtual Assistants in Focus:	Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences.

What is the top challenge of using AI in banking?	Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies.

Limits of Traditional Automation:	Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs.

What are the benefits of AI chatbots in Banking?	AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions

Future Outlook of AI-enabled Virtual Assistants:	AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking.

TL;DR
Why is AI important in the banking sector?	The shift from traditional in-person banking to online and mobile platforms has increased customer demand for instant, personalized service.
AI Virtual Assistants in Focus:	Banks are investing in AI-driven virtual assistants to create hyper-personalised, real-time solutions that improve customer experiences.
What is the top challenge of using AI in banking?	Inefficiencies like higher Average Handling Time (AHT), lack of real-time data, and limited personalization hinder existing customer service strategies.
Limits of Traditional Automation:	Automated systems need more nuanced queries, making them less effective for high-value customers with complex needs.
What are the benefits of AI chatbots in Banking?	AI virtual assistants enhance efficiency, reduce operational costs, and empower CSRs by handling repetitive tasks and offering personalized interactions.
Future Outlook of AI-enabled Virtual Assistants:	AI will transform the role of CSRs into more strategic, relationship-focused positions while continuing to elevate the customer experience in banking.

Generative AI, a subset of artificial intelligence, has been making waves across various industries. It’s not just a buzzword; it’s a tool that’s revolutionizing how businesses operate. This blog post will guide you on how to leverage generative AI in your organization.

Understanding Generative AI

Generative AI refers to systems that can generate novel data, such as images, text, or music, that mimic the style of a given input. It includes technologies like Generative Adversarial Networks (GANs), which consist of two neural networks competing against each other to create new, synthetic instances of data that can pass for real data.

The Impact of Generative AI on Businesses

According to McKinsey, one-third of organizations are using generative AI regularly in at least one business function¹. Moreover, 40 percent of respondents say their organizations will increase their investment in AI overall because of advances in generative AI¹. Generative AI is revolutionizing the business landscape. It’s not just about automating tasks; it’s about creating new opportunities and solving complex problems in innovative ways.

Generative AI plays a crucial role in personalizing the customer experience. It can generate content or recommendations tailored to each user’s behavior, leading to a more engaging and satisfying customer experience. This leads to increased efficiency and, ultimately, growth.

Perhaps one of the most exciting aspects of generative AI is its potential to democratize AI. Tools like OpenAI’s ChatGPT and DALL-E are putting the power of AI into the hands of Business owners with their APIs, opening up new possibilities for innovation.

Implementing Generative AI in Your Organization

1. Identify the Need

The first step is to identify where generative AI can add value to your organization. This could be in content creation, data augmentation, or even product design.

2. Choose the Right Generative AI Technology

There are various generative AI technologies available, such as GANs and Variational Autoencoders (VAEs). Choose the one that best fits your needs.

3. Data Management

Generative AI relies heavily on data. Ensure you have a robust data management system in place.

4. Pilot Project

Start with a pilot project before implementing generative AI across the organization. This allows you to gauge the effectiveness and make necessary adjustments.

Real-life Examples of Generative AI Implementation

Here are some real-life examples of how generative AI is being implemented across various industries:

Adobe, Canva, Microsoft Designer, and Shutterstock: These major companies already offer generative AI tools for editing images, creating graphics, and generating videos¹.
Mastercard: Mastercard has been exploring the applications of Generative AI in commerce. They believe that this technology has the potential to strengthen customer engagement, create more efficient business operations, support software development, and much more. Furthermore, Mastercard is using Generative AI for credit card fraud detection.
Airbnb: Airbnb is using Generative AI to optimize their listings. They use AI and Machine Learning techniques to analyze guest reviews, property features, pricing trends, and comparable listings. They also use image recognition to enhance photo selection and automate responses to frequently asked guest questions. Moreover, they use AI to perform background checks on guests to ensure the safety of their hosts.
Nike: Nike has been using Generative AI to generate product prototype images. They also use AI technologies to communicate their products to customers in a personalized manner. Furthermore, they have developed tools like Nike Fit that use a combination of artificial intelligence technologies including Generative AI to help customers quickly find the right fit for their shoes^.

These examples illustrate the vast potential of generative AI across different sectors. As technology continues to advance, it will be interesting to see the new and innovative ways in which it is used in the future.

Conclusion

Implementing generative AI in your organization can lead to increased efficiency and growth. However, it’s crucial to understand that generative AI is not a magic bullet; it requires strategic planning and implementation. With the right approach, your organization can harness the power of generative AI and stay ahead in the competitive business landscape.

Remember, the future belongs to those who are ready to embrace new technologies and innovations – and generative AI is at the forefront of this revolution. We at Fluid AI stand at the forefront of this AI revolution and help companies kickstart their AI Journey. If you looking out for a solution for your organization, you are at the right place. Book a free demo call with us today and let us help you in making your organization future ready.