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How Commerzbank is transforming financial advisory workflows with gen AI
- Commerzbank has boosted productivity at its advisory unit by 300% by partnering with Google on an AI system to automate documentation of suggestions made in client calls.
- Sales advisors need to carefully document investment suggestions in detailed protocols. Heavily manual processes led to bottlenecks and less time for customer queries.
- The bank partnered with Google Cloud's AI and machine learning capabilities to generate a multi-step AI architecture, implemented using Vertex AI tools.
- Commerzbank's sophisticated gen-AI solution employs Gemini 1.5 Pro technology to create a diarised transcript of financial advisory client calls, analysing and extracting information to create summaries for documentation purposes.
- Sales advisors can now focus on higher-value tasks, such as building client relationships and providing personalised financial advice.
- This AI-powered automation solution has reduced processing times for the bank, and led to productivity by 3x, enhancing the client experience.
- The bank is planning to expand the use of AI and automation across other areas of the business, further optimising its operations.
- This project was a joint collaboration between staff from Google and Commerzbank's corporate clients unit.
- By embracing AI, Commerzbank can streamline its operations, empower its employees, and enhance the client experience.
- The German bank recently said it is cutting about a quarter of its workforce as it undergoes a restructure.
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