Using Copilot in Financial Services

The financial services industry, encompassing banking, insurance, and capital markets, is impacted by changing interest rates, inflation, regulatory policies, and the global economy. Some key challenges are quickly adapting to change, optimizing the use of rapidly evolving technological advancements, identifying competitive advantages to expand their revenue model, and adapting the way they manage their customers finances.

BlackRock purchased more than 24,000 Microsoft 365 Copilot licenses spanning all employees, functions and locations, helping improve the Copilot experience, including codeveloping new features and functions.

Finastra used Microsoft 365 Copilot to automate tasks, enhance content creation, improve analytics and personalize customer interactions, with employees citing a 20% to 50% time savings.

Farm Credit Canada implemented Microsoft 365 Copilot, which resulted in time savings on routine tasks for 78% of users, with 30% saving 30 to 60 minutes per week and 35% saving over an hour per week, allowing employees to focus on more value-added tasks.

Capitec Bank uses Azure OpenAI Service and Microsoft 365 Copilot, enabling their AI-powered chatbot to assist customer service consultants in accessing product information more efficiently, saving significant time for employees each week.

 

 

Download the Financial Services scenarios kit
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Microsoft Copilot opportunity to impact key functional area KPIs

Review our KPI overviews and view additional scenario details.

Manage risk and compliance

Generate insights and content within the everyday flow of work, expedite investigations, and communicate more effectively to prevent and remediate compliance issues.

Opex % of revenue

Improve productivity by leveraging automation to quickly prioritize and accomplish daily tasks, optimize processes, and save time and effort on daily tasks.

Assets under management

Differentiate customer interactions from competitors to help increase market share; Reduce the time for comprehensive portfolio evaluation with change recommendations reflecting market dynamics; Build trust and confidence among clients leading to increased number of active investors. 

Increase client retention

Streamline operations for faster resolution of customer issues, providing tools for decision-making and strategy development. This can lead to higher customer satisfaction, increased customer lifetime value, and maximized customer investment portfolio.

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Transform Financial Services processes

Key processes Before AI Using AI
Improve data analysis and usageGenerative AI can enhance the efficiency of financial services firms by quickly processing large volumes of financial information and summarizing it for diverse business purposes.
Capital Markets – Conduct company research

Agent to help with financial analysis of potential investments

Capital Markets – Produce daily market reports

For Capital markets, create a daily report for customers

Modernize operations and complianceFinancial services organizations can modernize operations and compliance by leveraging AI to automate routine tasks, enhance risk management, and ensure regulatory adherence. AI-driven solutions can streamline compliance workflows, detect anomalies, and provide real-time analysis, improving the effectiveness of Anti-Money Laundering (AML) and Global Financial Compliance (GFC) frameworks.
Capital Markets – Implement Know Your Customer (KYC) regulations

Simplify the process of verifying sources of money

Banking – Speed credit memo generation

In Banking speed the loan process

Insurance – Issue a policy

For Insurance get assistance with the steps of personalizing a policy and communications

Insurance – Process a claim

For Insurance simplify the claims process with improved data access and communications,

Transform the customer experienceFinancial services organizations can leverage AI to enhance customer experiences by offering personalized services, automating routine tasks, and providing intelligent contact centers. AI also transforms front office processes by improving risk management, detecting fraud, modernizing core banking platforms, and assisting financial advisors with personalized support.
Capital Markets – Prepare for a client meeting
Capital Markets – Assist client understanding
Capital Markets – AI-assisted broker portfolio management

For Capital markets, create recommendations based on analyzing portfolios and current events

Insurance – Create a quote

For Insurance access knowledge repositories and craft communications to quickly create a quote

Banking – Financial advisory support system

In Banking deliver personalized and effective support to clients.

Financial Services roles

Day in the life of an Analyst