Google Cloud has launched a generative AI assistant for customer relationship management (CRM) for banks alongside technology service provider GFT.

The assistant, built by GFT, is a conversational platform that could help banks reduce the cost and time spent on CRM. 

Utilising large language models (LLMs) from Google, the assistant can respond to complex and niche customer queries. 

While this provides customers with faster answers to their queries, Google and GFT also stated that using the assistant can help existing bank employees dedicate more time to high value work. 

By providing banking customers with a faster way to retrieve information, Google and GFT’s assistant aims to cut CRM operating costs, saving banks money. 

GFT’s UK chief technology officer, Dean Clark, stated that the announcement was the result of collaboration between leading players in the tech industry. 

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“It brings together the LLM experience of Google and the platform engineering expertise of GFT. Through this offering, banks can benefit from significant value, cost efficiencies, and innovation,” he said. 

Research and analysis company GlobalData forecast in its 2023 executive briefing on AI that generative AI could reach over 95% accuracy in the next five years. 

As AI becomes more accurate and reliable, GlobalData expects the rollout of AI in businesses to continue gaining momentum. 

Surging public interest in AI has spurred on concern about AI’s impact on job automation. 

However, a UN report by its International Labour Organisation suggests AI is more likely to augment work than replace workers.  

GFT’s UK managing director Carlton Hopper told Verdict that its AI assistant was exactly the kind of “real-world AI application” that businesses need.

“It’s also a clear demonstration of Google’s commitment to bringing practical, industry-specific AI solutions to market that are tailored to the particular needs of key sectors,” Hopper said.

“It’s an exciting development that showcases the tangible benefits that generative AI can bring to organisations today,” he added.