Santander Bank is exploring AI to enhance its operational efficiency, allowing its employees to focus on value-added tasks. 

The Madrid-based bank is implementing AI in its operations and exploring multiple use cases of gen AI, a spokesperson told Bank Automation News. 

The $1.9 trillion bank has identified more than 60 relevant use cases for AI, the spokesperson said, noting that the initiatives have been built in-house by the bank.

Santander categorizes its AI initiatives in four key areas: 

• Virtual agents: The bank is deploying solutions to support its employees in their daily work. 
• Information retrieval: AI helps employees analyze large amounts of information such as automating the powers of attorney process to provide a better customer experience. 
• Software development: The bank is heavily investing in AI for tasks like source code generation, code conversion and testing automation. 
• Content generation: The marketing team is using AI to provide personalized communication to customers. 

The bank joins other financial institutions in the charge toward AI. The $967 billion ING Bank, $578 billion Deutsche Bank and $197 billion Ally Financial have also identified uses throughout their organizations in areas of coding, security and marketing.  

According to a Dec. 11 report by consulting giant EY, 99% of financial services industry leaders have deployed AI and are planning to use the technology across their operations. EY surveyed 300 executives of companies with revenues of more than $2 billion last year in August. 

Approaching gen AI

Santander is teaming with third-party vendors to develop the technology and is looking into applications  for generative AI, the spokesperson said.  

The bank is investigating gen AI for consumer-facing operations and is aware of the challenges the technology poses such as hallucinations and providing inaccurate information, the spokesperson said. The bank is in the process of “setting very strict policies around [gen AI] algorithms,” the spokesperson said.  

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