Copilot for banks: Revolutionize the way you work

  • Posted on January 8, 2024
  • Estimated reading time 3 minutes
Copilot adoption in banking sector

Microsoft Copilot is an AI-powered assistant that can help banks improve their productivity, efficiency and creativity. Copilot puts AI at your fingertips, at a moment when banks face a catalyst moment in the way we work. Copilot frees up employees to work in uniquely human ways – with empathy, ingenuity and critical thinking. We believe that the job of copilots is to make you more human.

In our latest AI banking research, almost a quarter of bankers (24%) thought AI would help them take more intelligent actions with assistance from generative AI tools, such as Microsoft 365 Copilot. But over half of the banks interviewed (53%) reckon they will need significant support to train staff to use them.

So where do you start? How do you scale? What will Copilot look like in your bank?

There are three areas banks can focus on: employee experience (EX), customer experience (CX) and security.

• EX: free up staff for innovation: Gain up to 20 hours a week by being released from mundane tasks. Make regulatory reporting easier by automating data collection and analysis. Accelerate insight generation, summarize meetings on Teams, prioritize emails quickly, increase productivity and simplify processes. Use that time for more strategic innovation, not tactical activity. UOB, a Singaporean bank, is using Copilot to encourage collaboration among employees across different functions, allowing them to build upon each other’s work more easily and meaningfully. Emirates NBD, a Middle Eastern bank, is leveraging Github Copilot X, an advanced generative AI state-of-the-art coding assistant developed by Microsoft, with over a thousand developers. This will boost coding proficiency and software development speed. The bank recently hosted a Generative AI Hackathon, leading to valuable insights into prompt engineering, dataset preparation and model fine-tuning techniques.

• CX: focus on what matters for your customers: Speed up information gathering, including emails and chat ignored by traditional searches, for faster and more personal customer responses. Capture customer conversations automatically. Surface sentiment and insight from client discussions and research to develop new services. Improve onboarding and application processes. Spend less time on admin and more on face-to-face customer engagement. AmBank, a Malaysian bank, is using Copilot to participate in design thinking workshops and help product owners generate user stories.

• Security: safeguard your bank from cyberthreats: Develop effective reverse engineering prompts, set up an early warning system to detect malware, trojans or phishing, identify potential anti-money laundering issues (based on detecting high risk documents or people) and provide auto-healing for security loopholes. Hargreaves Lansdown, a UK-based asset manager, is using Teams Premium AI and Microsoft Copilot for Microsoft 365 to develop a highly secure alternative to the AI solutions employees were using outside of their well-protected environment. Because Teams Premium and Copilot utilize the same security policies inherent in Microsoft 365, they felt confident in the security posture of the new tools, particularly Teams Premium security features such as watermarking.

From our knowledge of banks who are part of the Microsoft Early Access Program, there are some early indicators emerging. Using Github is reducing coding time by up to 25%. Generative AI can create reports drawing on internal and external data much faster than bankers are able to, saving days of work. Meeting summaries, email and content generation, finding internal data and subsequent insight and analysis is saving between 30 minutes and two hours per employee per task.
Use Copilot to accelerate innovation, personalize customer engagement and protect your bank. To find out more, check out our Copilot services and our guide to AI-readiness for banks. Our proven frameworks are built on a decade of early adopter experience on OpenAI with Microsoft and can help you embed and scale AI responsibly.

Be more with Copilot by your side.

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