AMSTERDAM — ING is using generative AI in its know-your-customer processes to boost productivity for its data analysts and improve the client experience.
The generative AI efforts for KYC have both an operational and client benefit, Marnix van Stiphout, chief operating officer and chief technology officer ad interim at 976 billion euros ($1.1 trillion) ING, told Bank Automation News at Money2020 Europe.
Across the banking industry, a majority of analysts are collecting and filtering data to make sure it is of high quality before they can ever start an analysis, van Stiphout said. With generative AI in place, analysts can start analyzing data right away, rather than prepping data first.
And with generative AI leading the KYC charge, the bank doesn’t “need to do as many outreaches to clients to get information,” he said.
At Amsterdam-based ING, generative AI can boost productivity by generating summaries on, for example, geographical risk and create summaries on product risk, van Stiphout said. “All these things can be done with an LLM that’s well configured,” he added.
