The Power of AI: Fueling Employee Engagement in Financial Institutions

The Power of AI in Financial Institutions

The impact of AI on many aspects of the banking ecosystem have been well documented, especially as it relates to providing an excellent customer experience. But less discussed is the technology’s potential to transform employee engagement.

Maintaining an involved and motivated workforce is pivotal for sustained success in any industry, and AI, especially in the form of conversational or generative AI-powered applications, offers many opportunities to facilitate this.

Beyond enhancing customer interactions, AI fosters a workplace environment that prioritizes personalized support, skill development, interdepartmental collaboration, and employee well-being. 

This kind of supportive culture in turn helps improve the customer experience, thus helping to propel company growth.

Here are three key areas where AI contributes to employee engagement in the financial services industry. 

Training and Onboarding

Employee training and onboarding ensure new hires are well-prepared for their roles and existing employees stay up-to-date with evolving industry practices. 

Generative AI augments the way banks conduct training and onboarding via the following ways.

Real-Time Guidance

Traditional training materials can be static and are frequently out of date. AI applications generate current, precise, and comprehensive responses to employee queries as they serve customers. This significantly accelerates the learning process and reduces employee time spent searching for answers. And the extra time enables employees to focus on the work they love to do most … delivering high-value service and guidance to customers and members.

Always-On Accessibility

The around-the-clock availability of generative AI is particularly valuable for employees in different time zones or those who prefer to learn at unconventional hours. Employees can access training materials and assistance whenever it suits them, leading to a more flexible and accommodating learning environment.

Reduced Human Workload

By handling routine queries, AI for banking frees up trainers to focus on more complex or nuanced aspects of training. From targeted searching and content sourcing/pinpointing to source referencing, generative AI enhances the overall quality of training and ensures that trainers provide the personal attention needed for success.

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Interdepartmental Communication

The communication standards and methods your financial institution deploys impact team collaboration and employee engagement overall.

Generative and conversational AI tools offer several ways to bridge communication gaps between departments, supporting enhanced role understanding, job performance, and employee satisfaction.

Seamless Information Sharing

Financial institutions manage vast amounts of data distributed across various departments, and generative AI-powered tools like KAI Answers serve as intelligent intermediaries, making key information immediately accessible to those who need it most. As a result, teams make faster decisions, reduce response times, and avoid miscommunication or data silos.

Customized Reports and Insights

Generative AI solutions help your bank or credit union create customized reports based on the preferences and requirements of each department. This level of tailored delivery ensures employees receive the specific information they need to make informed decisions and maximize the value of their roles.

Personalized Employee Support 

Providing personalized support to employees aids professional growth, reduces burnout, and helps them feel “seen” by their peers and management. 

Banks and credit unions can use AI to offer tailored assistance and guidance to employees, ensuring their needs are met and enhancing their overall work experience. 

Real-Time Troubleshooting

On any given day your employees may run into workflow hiccups or knowledge gaps that slow down productivity. Assistive conversational AI tools provide immediate solutions to these issues, reducing downtime, frustration, and errors. 

Performance Feedback and Improvement

When AI solutions are deployed across organizational workflows they can actively monitor and analyze employee performance, providing insights that help team leaders identify areas of strength and improvement. This analysis informs manager feedback and training recommendations to empower employees for continuous growth.

The Future of AI and Employee Engagement

The “promoter flywheel” effect states that engaged employees create better experiences, which leads to improved business results and workforce opportunities. Because of this, many financial institutions are beginning to join their “voice of the customer” programs with a “voice of the employee” program. 

This dual analysis allows banking leaders to better understand the symbiotic relationship between the functions and make strategic business decisions. 

By pursuing this operational approach and leveraging AI to optimize the programs, you can build stronger organizations to equally benefit customers, employees, and the bottom line. 

Getting Started with Kasisto

Kasisto equips financial institutions of all sizes with the tools they need to fuel employee engagement and deliver amazing customer experiences, in real time, any time, across every channel. 

Powered by KAI-GPT, the first large language model purpose-built for banking, KAI Answers generates precise, comprehensive answers to your employee queries through instantaneous searches across your vast information network. 

The application paraphrases flat, tabular text from a range of your bank’s documents, turning it into a natural spoken language. All of this saves your team members time, energy, and resources so they can stay focused on serving customers and driving business growth.

Want to see how it works? Set up a meeting with our team and we’ll show you KAI Answers in action.

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