Finserv Companies Embrace GenAI for Cost Savings and Enhanced Customer Support

Financial services companies are adopting generative AI to automate customer support operations, reducing costs by 40-50%. Startups like Gnani AI, Arya.ai, Yellow.ai, and Hyperface are building AI use cases for different service categories. Voice bots and chatbots are becoming smarter with GenAI capabilities, capable of answering basic queries and solving problems on the fly.

Title: Financial Services Companies Adopt Generative AI to Revolutionize Customer Support

Financial services companies are increasingly turning to generative AI (GenAI) to automate customer support operations, aiming to reduce costs by up to 40-50%. Startups such as Gnani AI, Arya.ai, Yellow.ai, and Hyperface are developing AI use cases tailored to various service categories. Voice bots and chatbots are becoming more sophisticated with GenAI capabilities, enabling them to answer basic queries and solve problems on the fly [1].

The highly regulated financial services industry is finding significant applications for GenAI in customer-facing operations, from onboarding to servicing and basic query resolutions. Large banks, which traditionally rely heavily on contact centers or backend support teams with human agents, are now exploring GenAI to handle a substantial portion of routine customer queries. Gnani AI, for instance, claims that their models can reduce operational costs by 40-50% and allow for scalable growth without the need to hire additional agents [1].

Startups like Gnani.ai, Arya.ai, Yellow.ai, and Hyperface are at the forefront of this technological shift. While some models are already live, others are in the process of deployment. These startups are building AI solutions that focus on accuracy, latency, and making bots sound more human. For example, Yellow AI, backed by Lightspeed and Westbridge Capital, is developing AI models to support card issue support, loan processing, customer acquisition, and claims information [1].

The integration of GenAI into financial services is not without its challenges. Regulatory compliance remains a significant hurdle, with companies needing to adhere to strict data security requirements such as ISO 27001 and GDPR. The regulatory framework for AI in collections is still evolving, creating uncertainty around deployment timelines [1].

Despite these challenges, the potential benefits of GenAI are substantial. The cost of running a GenAI model is currently comparable to that of contact center employees, but in the future, AI models can be scaled exponentially, offering a significant advantage over traditional call centers [1].

In addition to customer support, GenAI is also being adopted for cybersecurity. Accenture and Microsoft are co-investing in advanced GenAI-driven cyber solutions to help organizations mitigate threats and optimize operational costs. This collaboration is aimed at addressing the growing sophistication of cyber threats, which are increasingly leveraging AI [2].

Nationwide Building Society, for instance, has successfully implemented a GenAI security information and event management capability, co-developed by Accenture and Microsoft. This has allowed Nationwide to achieve a streamlined, unified security infrastructure, accelerating cyber threat detection and enhancing overall business resilience [2].

As financial services companies continue to explore the potential of GenAI, the industry is poised for significant transformation. While challenges remain, particularly around regulatory compliance, the benefits in terms of cost savings, scalability, and enhanced customer service are clear. The future of customer support in financial services is likely to be heavily influenced by the adoption and evolution of generative AI technologies.

References:
[1] https://m.economictimes.com/tech/artificial-intelligence/startups-chase-finserv-companies-seeking-genai-customer-support-use-cases/articleshow/122371696.cms
[2] https://www.nasdaq.com/press-release/accenture-and-microsoft-expand-collaboration-gen-ai-powered-cyber-solutions-2025-07