Financial institutions are prioritizing efficiency as they are expected to maintain strong user and employee experiences, and to keep up with regulation.  

To balance efficiency and experience, FIs are looking for technology that can serve multiple functions, John Findlay, CEO at LemonadeLXP, a digital platform for financial services companies, told Bank Automation News.

LemonadeLXP, headquartered in Ottawa, Canada, has financial institution clients across North America, including U.S. Bank, TD Bank and Santander Bank as well as numerous credit unions and fintechs. 

Bank Automation News sat down with Findlay to discuss how LemonadeLXP clients are using its technology to create knowledge management and training courses with AI.  

Bank Automation News: How does LemonadeLXP serve as multipurpose technology? 

John Findlay: CFOs are looking for ways to get rid of niche technologies and reduce their tech stacks in favor of multipurpose technology.  

That’s what we’ve tried to do in building LemonadeLXP’s learning platform, customer education platform, AI authoring tools, content exchange and compliance training. These serve a lot of different purposes at financial institutions, so FIs can tick off a lot of boxes with just one software. 

Additionally, Lemonade can write content in multiple formats and has multiple distribution vehicles.  

For example, if an FI implements LemonadeLXP, they no longer need a learning management system. They don’t need to purchase compliance content or training content or a customer education platform. 

BAN: How can financial institutions use AI-driven knowledge management? 

JF: We launched InsightAI in November. InsightAI has become the brain of LemonadeLXP. What it allows financial institutions to do is, at the click of a button, create a private, secure database in which FIs can import information in virtually any format. The generative AI-driven technology then synthesizes that information into one consolidated database. 

From there, FIs can use that information or distribute the information. For example, that data can be used to generate training content for text-based learning, game-based learning, role play scenarios or customer interactions. 

Training used to take 30 to 60 days to build, now that content can be ready and over to compliance in an hour or two. 

BAN: Why do financial institutions need AI-driven knowledge management and training? 

JF: Financial institutions are heavily regulated and offer complex products and services. The frontline staff at financial institutions are expected to articulate offerings and solve customer problems all while maintaining compliance. That’s a lot of information for folks. As financial institutions do their utmost to be compliant, it’s difficult to ensure that there is consistent knowledge and messaging about products, compliance and regulation. 

That’s where AI-driven knowledge and training can come in to allow FIs to create a knowledge base based on institution data. That information can then be synthesized and automatically turned into training courses. 

BAN: How does LemonadeLXP quantify efficiency gains from its AI-created trainings? 

JF: One of the big-time savers is not having to take a subject matter expert away from their job to sit and talk to an instructional designer to educate them on whatever the training subject is.  

There are also gains in developments because LemonadeLXP can publish to both customer-facing and learning experience platforms. It eliminates the need for either convert your courseware from an authoring tool and also for a coder to add the training to customer-facing websites.  

There are also significant learning efficiencies. Our customers are seeing major reductions in training costs. In fact, one client reported a 91% decrease in costs, while another estimated savings of approximately $2.5 million using LemonadeLXP. 

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