Bud's blog and key insights

Unleashing the power of GenAI in financial solutions

Written by Jakub Piotrowski | Nov 7, 2023 1:17:23 PM

AI-powered APIs have evolved and catalyzed the creation of groundbreaking banking products that redefine the financial services sector. This transformation elevates customer experience and bolsters not only a financial institutions' ROI and revenue but also their product offerings.

Enter Bud – we’ve been at the epicenter of this revolution with innovative solutions like Engage, Assess and now, our newly launched Drive product.

To accelerate success and growth, Drive combines the transformative power of GenAI with Bud's already market-leading suite of financial service solutions, supercharging our platform's ability to empower financial organizations like yours to achieve operational excellence and deliver unparalleled financial experiences with ease.

That’s why GenAI is at the heart of our newest product offering, powering our suite of features: Insights Engine, Insights Analytics, Drive Copilot and Action Hub. Our Drive product empowers financial institutions to identify high-impact segments, transmit insights to action teams and enable a hyper-personalized experience.

What is GenAI and how is it transforming financial services?

GenAI stands as a beacon of progress in finance, enabling institutions to transition from hindsight to foresight. By fostering rapid innovation and adoption, GenAI streamlines decision-making and augments growth trajectories, pushing the boundaries of traditional finance.

The different types of GenAI

  • Transformers: Transformers have gained prominence in NLP and beyond for sequence-to-sequence tasks and language modeling. Models like GPT (Generative Pretrained Transformer) and BERT are examples of how transformers are used for text generation, summarization, translation, and other tasks.
  • Generative Adversarial Networks (GANs): A training paradigm, consisting of a generator and a discriminator, that are trained in opposition. The generator aims to produce data that is indistinguishable from real data, while the discriminator tries to distinguish real from generated data. GANs have been used for image generation, style transfer, and more.
  • Variational Autoencoders (VAEs): VAEs are probabilistic generative models that aim to learn a continuous latent representation of data. They are often used for data generation and manipulation, as well as for image and text generation.
  • Recurrent Neural Networks (RNNs): Built to model sequential data, RNNs can be used to predict subsequent characters or words in sequences, bolstering generative tasks.

How Bud’s Drive leverages GenAI's limitless potential

Drive harnesses AI learning to convert transactional data into valuable actionable customer insights by integrating with your existing infrastructure to power next best action initiatives.

Powering a large aspect of this transformation, Bud's GenAI-driven capabilities offer an interactive medium for consumers and banks to derive insights from financial data.

Insights Engine

Bud’s Insights Engine allows you to instantly generate valuable insights across customer bases using any available data. With pre-set segments and adjustable characteristics, banks can fully leverage enriched data to identify and achieve both short-term and long-term business goals and maximize productivity.

Insights Analytics

With troves of data at your fingertips, why not unleash the power of Bud’s Insights Analytics to uncover maximum value and provide unparalleled financial experiences? By autonomously analyzing data, you can unshackle teams from manual work and surface unique insights capable of amplifying human expertise with machine intelligence.

Action Hub

For financial institutions, insights without action have no value. That’s why Bud's Action Hub integrates insights across systems, enabling institutions to combine insights with existing data to create feedback loops and continuously optimize recommendations.

By prompting action from triggers and tracking a customer's transactional behavior to see the results of specific actions taken, institutions can better learn from and action customer insights more effectively.

Drive Copilot

Using natural language and generative AI, our staff chatbot interface Drive Copilot rapidly translates questions into analyzed data, customer segments and measurable outcomes.

Benefits of GenAI for financial organizations

Bud’s Drive also enables swift and intelligent customer segmentation, facilitating targeted marketing and real-time data accessibility.

With Drive, you can:

  • Grow your share of wallet by defining new segments and sending actionable, hyper-personalized messages and offers that convert to sales.
  • Give your staff the power to take control of their product’s success, getting the data they need without reliance on technical colleagues and finding new, high impact insights and segments to grow revenue.
  • Discover new ways to achieve your organizational goals – tell our generative AI chatbot about your aims and receive data-driven, strategic and actionable recommendations.

Benefits of GenAI for consumers

By using GenAI, financial institutions can empower consumers to embrace an immersive, tailor-made experience meticulously crafted around every customer's unique financial needs and aspirations.

Guided by financial support and strengthened by targeted product recommendations, consumers are no longer left to navigate the financial landscape alone. Instead, institutions that use Bud’s solutions empower their customers with truly hyper-personalized product offerings they are actually eligible for, ensuring they have the right products at the right time, every time.

Smash your organizational goals with GenAI from Bud

If you’re ready to learn more about next-gen finance with Bud, why not schedule a personalized call with Bud today? 

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