Underutilization of GenAI in Client Engagement: A Missed Opportunity for Banks, says Bain & Co

Bain & Company indicate that banks are not taking full advantage of the perks offered by GenAI for interacting with customers. Out of 16 financial entities surveyed by the HKMA, just two expressed that they employ GenAI for crafting personalised marketing strategies or specialised proposals.

Andreas Dullweber, who is the global leader for marketing and customer experience based in Munich, emphasized that this is particularly evident in the sectors of marketing and customer engagement. He stated that retailers and consumer goods manufacturers have particularly outshone others in these areas.

"Recent advancements in GenAI have opened a wealth of opportunities for financial establishments to gain insights from various industries," he expressed during a corporate visit to Hong Kong. He further stated that GenAI's enhancement of productivity could potentially increase profits and reduce expenses, referring to a worldwide study conducted amongst financial institutions.

Dullweber mentioned that banks and various financial entities have employed GenAI behind the scenes to enhance procedures and manage fraud. He added that they have just recently begun to tentatively test it in customer-facing services.

GenAI refers to the set of algorithms that have the capacity to generate fresh content, such as audio files, video clips, programming codes, imagery, written material, and simulations.