On October 22nd, JurisTech took centre stage at SME Bank’s GDTT Learning Week to explore the promising frontier of Generative AI (GenAI) in banking. The event, titled “GenAI Innovation: Implementing AI in Banking Processes,” attracted close to 140 participants from SME Bank, with attendees from various departments, including business and operations, credit, and IT. Leading the session were Laura Tsen, Head of Marketing and Communications at JurisTech, and May Tang, Presales Consultant from JurisTech, who engaged the audience in a lively and insightful presentation about the role of GenAI in transforming banking processes.

Laura began the session with a light-hearted interactive activity that set an inviting tone for the event. In this activity, audience members were challenged to differentiate between AI-generated images and real-life photos. The activity was not only entertaining but also served as a clear illustration of the growing sophistication of AI technologies. Laura used this exercise as a springboard to dive into the broader concepts of AI, explaining foundational terms like Artificial Intelligence, Machine Learning, Deep Learning, Generative AI, and Large Language Models (LLMs).

Interactive activity with the audience

To make these technical concepts relatable, Laura employed storytelling and real-world examples, helping the audience visualise how AI technologies are already being applied worldwide. She highlighted popular applications like ChatGPT, an AI tool widely adopted by individuals and businesses alike, illustrating how GenAI can streamline various tasks without replacing the critical human element. “AI isn’t here to replace jobs but to help employees focus on more strategic tasks by handling repetitive ones,” Laura shared. This sentiment was well-received by the audience, as many resonated with the idea of using AI as a supportive tool rather than a disruptive force.

Laura Tsen storytelling the concepts of AI

Laura also addressed several common misconceptions surrounding AI, particularly in relation to job displacement. She emphasised that AI should be viewed as a workforce-enhancing tool, one that can relieve employees from routine tasks so they can focus on more complex, decision-making roles. This stance reflected JurisTech’s commitment to developing AI solutions that empower, rather than replace, employees.

Expanding on the transformative potential of GenAI in banking, May Tang, JurisTech’s Presales Consultant, cited examples of how automated systems could streamline processes within the industry. For example, she discussed the role of AI in simplifying loan application evaluations and automating aspects of customer service, offering a glimpse into how banks can achieve faster response times and better overall efficiency.

May further elaborated on the applications of GenAI in banking, along with its limitations. She discussed essential concerns around AI security and the phenomenon of “AI hallucinations” (errors or inaccuracies AI can generate due to limited contextual understanding). May stressed that while AI has tremendous capabilities, its effectiveness must be tempered with cautious implementation and careful oversight, especially in high-stakes fields like banking.

May Tang sharing GenAI applications in banking

To bring these ideas to life, May presented use cases featuring JurisTech’s proprietary AI virtual assistant, aka “AVA”. Through a series of demonstrations, she showcased how AVA could expedite and automate specific banking operations, from handling routine customer inquiries to processing initial stages of loan applications. These examples underscored how AI solutions could relieve employees from repetitive administrative tasks, allowing them to focus on tasks that require human expertise and judgement.

The presentation concluded with a Q&A session, where audience members had the opportunity to raise questions and engage directly with Laura and May. Questions ranged from the ethical implications of using AI in customer interactions to practical inquiries on how to begin integrating AI within SME Bank’s own systems. This open dialogue provided attendees with a deeper understanding of AI’s role and limitations in the banking sector and addressed some of their key concerns regarding security, data integrity, and practical implementation.

Interactive Q&A session with the audience

Overall, the event was a success, leaving SME Bank employees better equipped to understand how GenAI could be used to improve both customer experiences and operational efficiency in the banking sector. JurisTech’s engaging session illustrated not only the potential applications of GenAI but also its responsible implementation, reflecting the company’s commitment to innovation and partnership within the financial industry.

About JurisTech

JurisTech is a global leading company, specialising in enterprise-class lending and recovery software solutions for banks, financial institutions, telecommunications, and automobile companies worldwide. JurisTech has been mentioned as a Representative Provider for Lending Ecosystems, as a Representative Vendor for Commercial Loan Origination Solutions, and as a Sample Vendor for Commercial Banking Onboarding across Gartner reports in 2024.

We power economies by reimagining financial services with cutting-edge software solutions, leveraging composable architecture and generative AI. Our offerings include artificial intelligence (AI), auto-decisioning, digital customer onboarding, loan origination, credit scoring, loan documentation, litigation, and debt collection.

Our solutions have enabled businesses across a broad array of industries to undergo digital transformation, providing enhanced customer experiences and, most importantly, achieving their business goals.