Over the past year, several applications of artificial intelligence (AI) have emerged, with Google focusing on helping the finance sector, among other industries, harness its full potential.
At a recent media briefing, Jackie Wang, country director for the Philippines and Thailand at Google, discussed the company’s partnerships with banks to explore AI’s benefits in various applications, particularly in marketing and operations.
“In today’s rapidly evolving financial landscape, AI adoption isn’t merely a competitive advantage, it’s a necessity,” Wang said. “By embracing AI tools and innovation, local financial institutions can be well-positioned to win customers and achieve long-term growth.”
With AI, specifically generative AI (GenAI), financial service institutions (FSIs) can utilize an assessment framework developed by Google to determine where and how to begin or enhance their AI adoption.
Wang emphasized that the assessment results will enable organizations to plot their strategy using Google’s Demand Gen tool. This tool helps create content that piques consumer interest, subsequently generating leads.
AI upskilling
Lapsed customers can be re-engaged with Google’s App Campaigns for engagement, which uses generative AI to design highly effective ad formats and assets to bring them back.
Google cited examples of successful collaborations with local banks using its AI tools. Security Bank saw an 83% increase in leads at a reduced cost per lead of 54% through AI-generated ads. Unionbank used Google’s AI-powered Performance Max tool to increase credit card conversions, achieving a 90% approval rate and a 77.6% return on ad spend.
However, it is essential to have personnel who understand how to use the technology effectively, as AI still requires human oversight. The technology can significantly boost efficiency and productivity, leading to improved organizational performance.
Google also highlighted the importance of AI-literate employees in accelerating product development. Companies can utilize the Google AI Essentials online course to maintain their employees’ competitive edge.
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