From analyst to personal assistant to copywriter, Copilot can take on a myriad of roles and boost bank productivity. Credit: Getty Images The generative AI revolution has the power to transform how banks operate. Banks are increasingly turning to AI to assist with a wide range of tasks, from customer onboarding to fraud detection and risk regulation. For generative AI to be truly effective it must have access to the right data, but banks are almost unique in their complexity when it comes to how their data is siloed on legacy systems. So, as they leap into AI, banks must first ensure that their data is AI-ready. This is a significant step and vital to success. Copilot: welcome to your virtual team Microsoft Copilot for Microsoft 365 helps banks get the most from generative AI. Copilot combines large language models (LLMs) with the bank’s data, providing staff access to a virtual PA, copywriter and analyst. Copilot is integrated into Microsoft 365 and automatically inherits the company’s security, compliance, and privacy policies and processes. It allows employees to interact with familiar work tools, from Microsoft Word to PowerPoint, using everyday language prompts or inputs. Banks reported that harnessing Copilot for meeting summaries, email drafting and content generation was saving between half an hour and two hours a week per employee. Copilot can also help with security issues, setting up an early warning system to detect malware, trojans or phishing, as well as identify potential anti-money laundering issues and provide auto-healing for security loopholes. More human(s), not less The job of Copilot is not to replace human banking activity but to make bank staff more human. Not just to increase productivity, efficiency and innovation but to free up staff to create deeper customer relationships. According to Avanade research, almost two-thirds of banks (62%) will need more people to help with AI in 2024 not less. Over half (53%) think they will need significant support to train staff in the use of generative AI tools, such as Copilot. Avanade can help banking teams to work out how to get the most value from generative AI. Being a key Microsoft partner means we have access to the latest tools from the Microsoft portfolio, including the latest OpenAI technologies. Avanade can partner with banks to assess the readiness of employees and ecosystem partners. We can prioritise actions that enable banks to use AI at scale, including governance and new operating models. For more information visit our new Copilot Banking site. Related content brandpost Sponsored by Avanade Copilot: an indispensable tool for banking security teams Cyber attacks pose a grave threat to banks, but AI tools like Microsoft Copilot for Security can provide a vital new line of defence. By CIO Contributor 22 Feb 2024 5 mins Generative AI Security brandpost Sponsored by Avanade Unleashing the power of banks’ data with generative AI Generative AI is being adopted by banks but many need help to harness its full potential By CIO Contributor 16 Feb 2024 3 mins Generative AI Innovation PODCASTS VIDEOS RESOURCES EVENTS SUBSCRIBE TO OUR NEWSLETTER From our editors straight to your inbox Get started by entering your email address below. Please enter a valid email address Subscribe