How AI Can Make Bank Operations Even Easier

If you’re an operations leader at a financial institution, you have the best job. Ever expanding budgets, no pressures to ‘be more efficient’, and no need to concern yourself with banal stuff like strategic alignment, employee development and customer experience. It’s pretty sweet, right?

Just for a hot sec, though, let’s suppose you did have to worry about those pesky business metrics and business impact. Well, if that was the case, you’d obviously be licking your chops at AI’s potential to drive efficiencies.  

Now, I realize that this ridiculous ‘accountability’ scenario is purely hypothetical, but indulge me as I explore some ways AI might make a difference if operations had KPIs.

Simplifying Software Solutions

First things first, let's talk about the software jungle many banks find themselves in. It's not uncommon for banks to use a dozen different programs, each designed for a specific task. This approach might seem logical, but it leads to a bloated P&L. 

To combat subscription growth, keep your eyes open for new tech that uses AI to address multiple business problems. There are new tools out there that can replace multiple niche software solutions with a single, comprehensive system, cutting down on licensing costs and simplifying IT management. Or maybe it’s better to have staff learn several different systems. I mean, who doesn’t love learning new software?

Speeding Up New Hire Onboarding

Remember your first first banking role? Super easy to get up to speed, right?  I mean, financial institutions have such simple offerings, and they’re basically free from regulatory requirements. So onboarding is, like, a day, right?

If onboarding isn’t quite that simple for you, AI can help speed up time to proficiency. AI-driven training programs can adapt to each individual's learning pace and style, ensuring they grasp essential concepts quickly and effectively. It can also spot knowledge gaps and provide targeted training, getting new staff role-ready faster than traditional methods.

AI Assistants: Your Staff's New Best Friend

We've all been there - stuck on a problem and needing to ask a colleague for help. While collaboration is great, constant interruptions are a real PITA, taking you out of flow and making stuff take longer. Enter AI assistants. These clever little robots can answer a wide range of questions, from policy inquiries to procedural clarifications, without bothering busy colleagues.

By providing instant, accurate information, AI assistants help maintain workflow and reduce distractions across the team.

Minimize Training Downtime

You probably love it when staff get yanked from their regular duties to take training, right? I mean, what’s the downside? 

AI-powered microlearning offers a more flexible approach. Staff can engage in bite-sized learning sessions that fit into their work schedules, reducing downtime while ensuring continuous skill development.

Boosting Compliance Through Smart Training

I get that compliance isn’t a big deal. Still, AI can revolutionize how we approach compliance training and support. By analyzing vast amounts of data, AI systems can identify potential compliance risks and provide targeted training to relevant staff members.

Really good AI will keep track of regulatory changes and automatically update training materials to ensure your team is always up-to-date with the latest compliance requirements. 

 The Final Squeeze

Implementing AI in banking operations isn't about replacing people with machines. It's about empowering your team with tools that make their jobs easier and more efficient. By streamlining software, accelerating onboarding, providing smart assistance, reducing training downtime, and enhancing compliance, AI can help banking operations leaders drive significant improvements in efficiency and productivity.

I totally get that if it ain’t broke, don’t fix it.  But if ain’t fixed, you’re gonna go broke.  Just sayin’...