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Published on
17 April 2024
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Aurora Business Analyst Rohan Toor takes a look at the role of Generative AI in Client Lifecycle Management.
Generative AI.
Will AI be a utopian saviour, helping humanity back from the brink like 2008’s unlikely hero WALL-E? Or is it a harbinger of end times poised to take control akin to Skynet, the terminator franchise’s antagonistic overlord?
Only time will tell.
But here at Aurora we believe in staying informed to stay one step ahead. If you haven’t read our previous thought pieces ‘ChatGPT's impact on CLM & onboarding’ and ‘CLM 2040’ it’s well worth taking the time to catch up.
2024 has been a busy year for industry leading CLM solution providers such as Fenergo, Pega and NICE Actimize. They are experimenting with weaving generative AI into their product offerings, all with the aim of making your enterprise more efficient and adaptable. That means we get to explore the real impacts of generative AI on client lifecycle management;
While ‘discriminative’ or ‘predictive’ learning models analyse data to uncover patterns and predict what could come next based on conditional probabilities, ‘generative’ learning models find the datasets real distribution and use it to generate new data points.
Sounds fancy. In layman’s terms; a discriminative model could compare two images to tell you which one is a car, and which is a bike. A generative model can take a list of automobile features and generate a corresponding image.
For operational teams, solution providers promise revolution across various key aspects. Generative AI will allow you to:
Quickly turn a revolutionary idea into a workflow.
AI can provide developers in low-code environments assistance by mapping integrations to back-end systems, generating test data on-the-fly and guiding developers with conversational suggestions.
In practice, this means better designed solutions and faster implementations. Do more with your budget, do it better, and do it faster.
Engage customers with tailored content.
AI can run a continual strategy optimisation loop, providing actionable insights into underserved segments, auto-generating new treatments to improve engagement and automatically learning which message is the right fit for each customer.
The tailored approach always wins. The biggest question in giving your clientele what they want is – what do they want? AI can analyse data to eliminate the guesswork and allow your teams to focus on delivery.
Streamline every single customer touchpoint.
AI powered chatbot assistants can distil interactions, transcripts, and knowledge into concise interaction summaries, develop their own skills with auto-generated training datasets and dynamically train and assess agents with autonomous customer simulations.
The idea of handing over customer conversations to a robot without your people’s years of relationship management experience can seem daunting. Thankfully, solution providers have devised a middle ground. Use AI to generate data-based training and assessment programs for your teams, keeping them at the top of their game.
Unlock powerful case management insights hidden in your data repository.
AI can unleash your operational data by generating visualizations which give instant answers to operational data questions, guiding back-office employees with concise summaries for cases and documents and mining workflow performance to suggest continuous optimizations.
Data is everywhere and frequently poorly utilised. Business SME’s often know what questions to ask, but not how to mine for answers. AI capabilities allow generation of tailored MI on the fly. Want to know how many of your clients were onboarded slower than your 2-year mean average (or median, for those with skewed distributions) last quarter? No problem. Now your business resources can focus on the important questions; why? And what can be done?
Automate mundane tasks, unlocking innovative capacity.
AI-informed workflows cut out duplicative work so employees can focus on what matters. Where solution providers offer plug-ins for leading generative AI models this capability begins to truly shine. Adopting generative AI solutions into your enterprise today will grant you access to a blossoming ecosystem of responsible plug-ins all designed to save you time and money.
So generative AI can do a lot, and can do it well. But what does this mean for the human operatives that have brought us this far?
Rest assured - an AI takeover in regulatory industries seems a long way off, if ever inbound. Trust is a key component in these operational environments. Can you trust your infrastructure to keep client pipelines full while weeding out nefarious criminals? Can regulators trust your infrastructure to control ne’er do wells access to global financial facilities? The experience and judgement of regulatory departments in your organisation are key components in maintaining this trust. While AI might become a pair of eyes in your 4-eye check soon, handing over the reins completely would seem unadvisable until the technology has proven beyond doubt that it can regulate compliance in a manner that is both 100% secure and aligned with your organisation’s best interests.
Interested in harnessing the power of generative AI to fuel your organisations growth ambitions? Get in touch with Aurora today – with extensive experience seamlessly integrating RegTech solutions across financial services, our expertise can help you understand which options are right for you.
