Generative AI has taken the world by storm this year, and it’s easy to see why. With its innovative capabilities, businesses can utilize generative AI to improve operations and provide better customer service.
While many banks are hesitant to adopt generative AI due to the lack of transparency and data traceability, we at Evalueserve believe that it can be an invaluable tool when coupled with human expertise.
Our Digital Transformation Team has developed Canvass AI, a tool with the capability to generate insights from search results in Google, Bing, Yahoo, and others. Users can perform a search and ask questions about the results, enabling them to draw inferences without having to read each result page. Our Risk experts have begun testing the tool for different use cases, one of the first being Enhanced Due Diligence (EDD) research.
EDD is a risk-based approach of conducting extensive investigations to identify the dangers that high-risk organizations/individuals may pose for a company. If undetected, these risks can harm a company’s asset price or market value, financial performance, operations, and reputation. EDD enables firms to respond faster to stricter global financial regulations and increased public scrutiny, enhance business continuity, and even reduce costs through better risk management.
Our team tested Canvass AI’s Q&A feature by searching companies that they were performing EDD on and asking the tool questions about specific company details. Overall, the team was very happy with the results and highlighted the following benefits:
- The tool was able to retrieve information on low-profile companies that do not have a lot of information easily accessible, quickly providing them with insights they would have otherwise spent extensive time searching for.
- The tool was able to process and respond to questions in multiple languages.
- The tool provided the sources for its answers, enabling quick and easy verification.
While the exercise was a success, it is important to note that there will always be an aspect of human intervention. This is where Evalueserve’s proficiency lies, in combining top-of-the-line technology with human expertise to derive fast and accurate insights.
Stay tuned for more examples of how generative AI can be used in banking.