Generative AI: A transformational force in Financial Services

By Benjamin Baume (pictured), Co-Founder & Managing Director, Craggle

People often ask me how Generative AI can benefit large organisations. In the financial services industry, one of the biggest obstacles has always been delivering truly tailored customer experiences at scale. Traditional big data and machine-learning approaches, while powerful, often face constraints in speed, implementation, and flexibility. As a result, many institutions have struggled to give every customer an individualised journey across all touchpoints.

Generative AI is redefining what’s possible. By enabling an unprecedented degree of automation and customisation, it makes advanced, bespoke experiences feasible for a wide array of customers. Just as importantly, it provides deep insights into how large organisations engage with their clientele, and it uses those insights in real time to refine and enhance interactions.

For example, a financial firm handling loan applications can optimise processes—from faster approvals and fewer errors to more unique communication—freeing up human advisers to focus on complex queries while ensuring each customer feels distinctly catered to.

However, Generative AI also significantly raises customer expectations. Once consumers experience instant, adapted interactions—intuitive chatbots, seamless digital onboarding, near-real-time approvals—they come to expect this level of service as the norm. Consequently, financial institutions that want to remain competitive must adapt rapidly, investing in the generative capabilities that continuously refine customer engagement over time.

Ultimately, embracing Generative AI enables financial services players to stay relevant and client-centric. By streamlining operations, exploring new product offerings, and building trust through highly individual-specific interactions, they can redefine the modern financial experience and keep pace with customers’ ever-rising expectations.