‘AI is not a fad or a trend, but a critical tool we need to understand’ – BOV’s Ivo Camilleri

Ivo Camilleri, BOV’s Chief Strategy, Transformation and Data Officer stated that artificial intelligence (AI) is a critical tool that needs to be understood and leveraged, in the best interest of its customers and employees.

He expressed his belief during a workshop organised by the bank for employees, with a focus on the use of AI in the financial services world. 

“As banks continue to navigate the complexities of a rapidly evolving digital landscape, the integration of AI technologies promises to redefine industry standards and elevate customer satisfaction to unprecedented heights,” he noted.

Through the workshop, the bank sought the collaboration of experts from global firm Strategy&. It presented cutting-edge advancements in the fields of AI that are relevant to the banking sector. During the workshop, the experts shared their insights and perspectives with attendees.

Discussions on emerging technologies ranged from Gen AI and Deep Learning to practical tools such as Microsoft CoPilot which are tailored for the banking industry. The experts at the event hinted at what could be the trajectory of financial institutions towards an increasingly technologically-driven future.

It was note that, despite advances made, Europe finds itself approximately a year-and-a-half behind North America in embracing such innovations.

However, the silver lining lies in the flexibility of resource capacity requirements. “Even if one had to start with modest numbers or small operations, the returns yielded would be significant. This acknowledgement underscores the immense potential for growth and innovation within the European banking landscape,” BOV explained.

Moreover, discussions at the event highlighted the need for banks to identify strategic entry points across various functions to embark on their transformative journey.

AI brings important shifts towards greater automation and efficiency. More recently, it is also expanding to encompass sophisticated application in risk management, fraud prevention and tailored customer service.

This shift requires broad upskilling initiatives across different teams within the organisation. Meanwhile, for banks to operate at scale successfully, it will be necessary to create interlinkages between engineering expertise and leveraging AI tools.

During the event Mr Camilleri further explained that this workshop was an important prelude to a discussion that needs to go on within the bank, cutting across all the functions, be they front-facing, support or control.

“From the generation of synthetic data to personalised customer experiences, AI serves as a basis for driving customer-centric innovation within the banking sector,” he concluded.