According to a recent survey conducted by Everest Group and supported by TELUS International, 59% of customer experience (CX) management leaders in the banking, financial services and insurance industry (BFSI) plan to invest $1 million or more on generative artificial intelligence (GenAI) solutions in the next 12 to 18 months. While the potential growth is indeed good news, some concerns remain among companies looking to adopt generative AI: BFSI companies in particular cited AI regulatory compliance as a top roadblock to implementation, followed closely by data security and privacy concerns and exposure risk from GenAI.
To help solve problems and allay concerns, customer experience solutions provider TELUS International noted that it sees potential in its GenAI Jumpstart accelerator for businesses in highly regulated industries such as BFSI. With a path-to-production focus, the short eight-week engagement designed for companies at an early stage of their AI journey, rapidly identifies use cases, builds powerful risk mitigation tools and delivers a functional GenAI-powered virtual assistant prototype.
TELUS International’s Dual-LLM Safety System, a feature of its GenAI Jumpstart accelerator, uses a large language model (LLM) to supervise the results of a retrieval augmented generation (RAG) system. A RAG-based system runs on a company’s private and secure database of controlled and secured information rather than the open internet to help ensure that responses generated by a virtual assistant only use approved information that conforms to regulatory frameworks. Unlike traditional chatbots that can struggle with maintaining up-to-date information or accessing domain-specific knowledge, this feature helps keep AI assistants focused to mitigate inaccuracies, hallucinations and jailbreaking -- a form of hacking that aims to bypass or trick an AI model's guidelines and safeguards to misuse or release prohibited information.
“What is holding many companies back from truly unlocking the power of GenAI within their organizations is their lack of or limited in-house resources and expertise to safely and responsibly design and develop AI-powered solutions,” said Tobias Dengel, president of WillowTree, a TELUS International Company. “Working with a trusted partner is especially important within highly-regulated industries like banking where there is an added layer of complexity when integrating GenAI into operations due to the constant need to adapt to new and updated regulatory changes and comply with strict consumer protections due to the sensitive nature of the information being handled.”
Edited by
Alex Passett
