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Intelligent Virtual Assistants Waving to the Future: Retail Banking Edition

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7 August 2024
Alenka Grealish
Bob Meara

The Implications of GenAI

Abstract

Generative AI (GenAI) will transform how financial institutions (FIs) interact with their customers and how their front-office employees engage with them. With the unleashing of GenAI, the “I” in intelligent virtual assistant (IVA) is taking on a whole new meaning.

GenAI is a force multiplier because it is making IVAs more conversational, contextual, and value-adding. And it is happening fast. Every IVA platform vendor Celent interviewed is leveraging LLMs and GenAI, and many have clients actively exploring or implementing LLM-related projects.

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