Generative AI As A Service: An Emerging Frontier In Small Business Banking

Copyright: forbes.com – “Generative AI As A Service: An Emerging Frontier In Small Business Banking”

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Small-business owners (SMBs) face many challenges juggling multiple roles—engaging with customers, hiring and retaining employees, closing sales and managing finances. Small-business bankers often ask how they can deepen their relationships with this coveted cohort that allows them to differentiate their offerings and create trusted partnerships additive to their financial solution offerings.

The pace of technology change adds to the challenge these business owners face—particularly with rapidly evolving technology such as generative AI, and this is where banks can lean in with these customers to offer solutions. Unlike larger enterprises, small businesses typically lack the expertise and capital to invest in advanced technologies. This is where banks can help SMBs adopt these technologies.

By leveraging generative AI, banks can offer innovative, specifically tailored tools. While traditional solutions include API-based interfaces into accounting systems, integrated treasury management solutions and even free co-working spaces, the next frontier may be leveraging artificial intelligence as a service (AIaaS).

The Power Of Generative AI For Small Businesses

Generative AI can provide small businesses with a range of powerful tools, from personalized financial advisory services to dynamic financial planning and automated financial management. These solutions can analyze vast datasets to provide tailored advice, create financial models that evolve in real time and automate mundane tasks such as bookkeeping and invoice processing.

Beyond financial solutions, generative AI can enhance business operations by generating high-quality marketing content, handling customer inquiries through chatbots and virtual assistants and developing personalized marketing campaigns based on customer data analysis.

Positioning Banks As Technology Partners

By offering AIaaS, banks can position themselves not just as financial service providers but as essential technology partners for small businesses. This strategic positioning can set them apart from competitors.[…]

Read more: www.forbes.com

Der Beitrag Generative AI As A Service: An Emerging Frontier In Small Business Banking erschien zuerst auf SwissCognitive | AI Ventures, Advisory & Research.