Unique conducted Annual Unique Banking Survey to examine the administrative responsibilities of client-facing banking roles. The survey's goal was to understand these tasks in depth to find innovative applications for Unique's FinanceGPT technology to reduce administrative workload and increase customer satisfaction.
A significant insight is the acknowledgment by 80% of respondents that ChatGPT could aid daily work tasks, suggesting a broad range of applications from email automation to enhancing efficiency.
Despite this, a notable gap exists in AI training and guidelines, with banks lacking in this area. This indicates a substantial opportunity for banks to invest in AI education and implementation to not only enhance operational efficiency but also to potentially realize cost savings, estimated at 2-5% of annual costs by nearly half of the respondents.
Moreover, a reduction in administrative tasks could lead to improved client relationships and increased revenue, underscoring the strategic importance of AI technology in banking’s future.
44% of participants have used ChatGPT for business, 55% for private matters, and only 1.6% have not used it.
80% believe ChatGPT would aid in daily work.
ChatGPT's potential uses included rewriting or summarizing texts, time-saving in topic input, reducing time for customer letter creation, etc.
Responses are nearly split on whether employers have blocked ChatGPT, with a slight majority (52.5%) indicating it is not blocked
Responses showed that most employers don’t offer GPT technologies internally, however some are planning it in the future.
Innovation-focused roles and IT development are the key drivers of AI initiatives, as indicated by the responses.
68% of the respondents expect increased spending on AI technology in their banks.
A majority, 70%, perceive their banks as not advanced in using generative AI technologies when compared to competitors.
The most common interaction methods with clients are on-site meetings (92.5%), emails (92.5%) calls (80%), and video calls (70%).
The quality of data in CRM systems varied, with 7.5% rating it very good, 45% sufficient, and 42.5% suggesting it needs improvement.
Most banks do not offer training on generative AI (75%) nor do they have guidelines on how to interact with such AI (67,5%).
Compliance-related tasks take up 0-2 hours weekly for 46% of respondents and 48% report spending 2 hours and more (up to 8+ hours) on compliance tasks a week.
Time spent on administrative tasks varies, with 4 hours being a median number.
Documentation and reporting are the most time-consuming administrative tasks, as indicated by 55% of respondents.
Generative AI is seen as having considerable potential to automate tasks like research, email management and documentation.
A reduction of 30-50% in administrative tasks could lead to improved client relationships (30%), more client onboarding (22%), and increased revenue generation (25%).
Most respondents estimate a modest efficiency gain through ChatGPT, with the largest group (62.5%) expecting 0-19% improvement.
Market research, customer service, and compliance are identified as the areas with the greatest potential for Generative AI applications.
Cost savings due to Generative AI are estimated to be between 2-5% of annual banking industry costs by 49% of respondents.
The importance of offering AI-powered banking services received an average rating of 5.63 out of 10.
Excitement about AI's potential is the predominant sentiment, with 75% feeling excited, 20% skeptical, and 5% neutral.
The survey indicates a banking sector that is both eager and cautious about AI integration. There is a clear recognition of AI's potential to streamline operations and a desire to embrace new technologies. However, there is also an understanding that careful implementation is key to realizing these benefits. These insights will guide Unique in refining FinanceGPT to meet the specific needs of the banking industry, ultimately enhancing the effectiveness of client-facing roles.