Are large language models good for enhancing efficiency in banking?

Does a “bot buddy” enable new levels of comfort?

ChatGPT amazingly demonstrates how advanced the ability to communicate with an AI bot is today. In this regard, it seems clear to push the use of AI-based LLM in the direct client interface. The chat function is predefined to be able to handle many customer inquiries. Such a service can soon work at least on an equal footing with bank employees.

Unlike human staff, availability is possible around the clock without any waiting times. If the robot does not know what to do in individual cases, there is always the option of transferring the operation to a human specialist. It should also not be overlooked that there are areas in banking where technologies have an advantage over human personalities, for example. Think of the area of ​​non-performing loan restructuring – many of those affected feel shy of human advisors. The use of technology eliminates this and makes it easier to focus on objective facts and solutions.

In the medium term, the “chat” variant could also be supplemented with new features. So it is quite reasonable to introduce AI-based applications here – for example over the phone. Voice banking, i.e. banking via language assistants such as Alexa or Siri, which has recently become quieter, could also experience a renaissance in the context of LLM hype and rapid technological development.