In recent years, generative artificial intelligence (GenAI) has significantly impacted both individuals and businesses alike. Many industries have started exploring its potential by integrating GenAI-supported platforms into their processes. This technology, which interacts with text, images, and audio, is redefining how businesses engage with customers, manage risks, and optimize operations.
Banks and insurance companies have been among the early adopters, leading the way through their propensity for digitalization and extensive use of data-driven processes. Current applications showcase GenAI’s capacity to boost operational efficiency while delivering unprecedented customization of financial services.
Furthermore, enterprises beyond the financial sector are increasingly recognizing the potential of GenAI to transform their operations. Through tailored solutions, businesses can streamline processes, personalize customer experiences, and achieve higher levels of efficiency and scalability.
Leveraging GenAI: unlocking cost savings and driving productivity across operational processes
Studies have consistently highlighted the cost-saving potential of GenAI. For example, automating traditionally labor-intensive tasks, such as document checks and claims assessments can significantly reduce operational expenses. A 2024 study by Gartner revealed a 14% productivity boost in operational functions such as call centers, with peaks of up to 34% when GenAI is used to support low-skilled operators.
Moreover, GenAI linguistic models enhance human-computer interaction, expanding access to complex tools to a broader user base. As organizations transition from the hype phase to practical implementations, the focus is increasingly on applications that deliver measurable value, complementing existing AI initiatives.
CRIF’s commitment to GenAI
CRIF’s investment in GenAI reflects its strategic, forward-thinking approach. The launch of our GenAI Factory in 2023 established a dedicated hub for developing, testing, and scaling GenAI solutions. Our roadmap is clear: harnessing GenAI to empower customers, enhance operational excellence, and deliver an exceptional customer experience.
In addition to our work in financial services, CRIF is committed to helping enterprises design and implement customized solutions. By offering tailored services, we help businesses achieve faster processes, improved usability, and a better customer journey.
Comparing traditional AI and GenAI
The growing prominence of GenAI has sometimes led to confusion between the terms “AI” and “GenAI.” While AI encompasses systems designed to perform tasks requiring human intelligence, GenAI focuses specifically on creating new content, such as text, images, and audio.
To better understand the differences, it is useful to compare how AI and GenAI work in different fields:
- Applications: Traditional AI excels in vertical analytical tasks such as risk estimation and customer segmentation. In contrast, GenAI generates content, including text, images, and audio, expanding the possibilities in creative and interactive areas.
- Data Usage: Traditional AI primarily uses structured data such as numbers and labels. GenAI, on the other hand, leverages unstructured data, including text, images and audio, extracting additional insights to enhance traditional models.
- Multifunctionality: Traditional AI models are task-specific, while GenAI models, trained on diverse datasets, support a wide range of applications through service-based delivery models.
- User Interaction: Traditional AI operates in the background as part of larger systems, whereas GenAI facilitates interactive, user-driven applications, particularly in creative or collaborative contexts.
Addressing risks
Both traditional AI and GenAI pose inherent risks such as data bias and lack of transparency. However, GenAI introduces new challenges, including the creation of false content, intellectual property concerns, and quality control complexities. Organizations must prioritize robust testing, implement anomaly detection mechanisms, and maintain human oversight to mitigate these risks effectively.
The transformative impact of GenAI across sectors
GenAI is increasingly being recognized for its high-impact applications across several domains.
In customer relations, GenAI-based language models significantly improve customer service. Interactive tools such as product comparison engines and advanced search systems enable more efficient navigation of company policies. Moreover, ticketing platforms powered by GenAI enhance both efficiency and the user experience, setting new standards for customer support.
In the area of software development and maintenance, GenAI tools offer substantial support to IT teams by streamlining development processes. This not only reduces the time-to-market for new applications but also ensures higher quality and innovation in software solutions.
GenAI plays a pivotal role in risk management and business development by streamlining document analysis. By pre-analyzing documents, these tools allow operators to prioritize high-risk cases. They also enhance risk assessment through the extraction of relevant information from unstructured data sources.
Furthermore, applications in compliance and fraud prevention systems provide robust monitoring of transactions, ensuring strict adherence to regulatory frameworks. By leveraging natural language processing (NLP), GenAI further enhances business development by simplifying and customizing customer interactions. This includes profiling client needs, offering tailored solutions, and delivering streamlined onboarding experiences.
The customer experience is significantly improved through the development of personalized onboarding journeys for enterprise clients, offering tools to profile their specific needs and automate repetitive administrative tasks.
Operational efficiency is also boosted by automating the analysis and processing of documents such as contracts and regulatory filings, significantly reducing processing times and errors. Furthermore, GenAI enhances collaboration by providing reporting tools that generate actionable insights for executives and business units, thereby improving decision-making processes.
GenAI applications are equally transformative in the insurance sector. Underwriting and claims processes benefit from the analysis of both textual and visual data, such as photographs, enhancing both accuracy and efficiency. Automation of processes such as renewals and claims assessments further improves operational efficiency, demonstrating the versatile capabilities of GenAI in revolutionizing traditional workflows.
Unlocking the full potential of GenAI through strategic integration and continuous innovation
The integration of GenAI into banking, insurance, and enterprise solutions is transforming industries, creating opportunities to enhance customer experiences, streamline operations, and strengthen risk management. By balancing immediate value delivery with the need for business transformation and integration with other tech enablers, organizations can unlock the full potential of GenAI. As demonstrated by CRIF’s GenAI Factory initiative, the key to success lies in a strategic, phased approach that aligns with evolving technologies and business objectives along with ongoing upskilling and training at all levels of CRIF’s global organization.
