Financial Ally
Financial Ally
Ally Financial (NYSE: ALLY) is a top 25 financial services company in the United States that manages $196 billion in assets and serves more than 11 million customers. Ally was founded in 1919 by General Motors (GM) and was known as General Motors Acceptance Corporation (GMAC) from its founding until 2010, when it was renamed Ally Financial. Today, Ally is one of the nation’s leading auto lenders, as well as providing deposit, loan, mortgage and credit card services as the nation’s largest digital bank.
Being a fully digital bank, Ally relies heavily on innovation to deliver banking services to its customers. This requires strong coordination of digital, data, technology, product and operations capabilities. As one of the few executives in the financial services industry with such a broad mandate, Sathish Muthukrishnan holds the title of Chief Information Officer, Data and Digital, and as a member of the executive leadership team reporting to the CEO, his Responsibilities include technology and digital. , as well as cybersecurity, infrastructure, product customer experience, and now, Artificial Intelligence (AI).
Quality customer experience is at the core of Ally’s company mission. Muthukrishnan explains that investments in technology, digital capabilities, data, and therefore AI, must always be linked to creating a business impact that supports the company’s mission. He notes, “The magic happens at the intersection of customer experience, business impact and technology.” For Ally, the process starts with defining business use cases. These business use cases are based on data from Ally. The initial question should always be “what data do you need?”, to support a particular business use case. Taking this approach ensures that the process is driven by the business at every stage. Muthukrishnan comments, “This approach has accelerated our data journey for years.”
Given its focus on innovation, it should come as no surprise that Ally is now charting a course in generative AI experimentation, testing, and production. In June this year, Ally launched a proprietary cloud-based AI platform, Ally.ai, which possesses the functionality of traditional and generative AI tools, including fundamental models, along with the specialized human touch and data security protections essential for financial funding. service company The platform serves as a private and secure bridge between enterprise-grade large language models (LLM) and Ally’s AI and data applications, enabling Ally to integrate any type of AI capability, including intelligence generative artificial intelligence and large language models, to business operations on an enterprise scale. Muthukrishnan comments: “The goal of building Ally.ai in-house, and with the foundational data, cloud and network infrastructure already in place, is to scale its use across the organization while keeping an eye on potential risks and opportunities for a new usage.cases”.
On November 16, Ally announced the first results of an experimental generative AI use case that shows how generative AI is used to increase speed and drive team productivity and creativity. The company found that by using generative AI, marketers were able to reduce the time needed to produce creative campaigns and content by up to 2-3 weeks, resulting in an average time savings of 34%. Other productivity gains generated by the use of generative AI include:
A reduction in the time required for content creation and other marketing outputs of up to 2-3 weeks in the early stages of the creative process on tasks such as research, first drafts and naming exercises. 34% time savings on tasks when using the Ally.ai interface which could equate to an annual savings of almost 3,000 hours across the participating team. More than 80 prompts developed by participants during the test had an 87% usefulness rate, showing the value of rapid engineering training for teammates and the effectiveness of the results that could be used in the assigned work . A quick accuracy rate of 81%, meaning users received the right type of content or response results from the Ally.ai platform to complete their tasks. Usefulness and accuracy in outputs when using Ally.ai for data analysis, quality checks and search engine optimization (SEO).
This marketing trial comes on the heels of Ally’s first successful use case, where Ally.ai was used for call summarization by the customer service and experience team, reducing the time required to service and close a client inquiry, allowing associates to focus their energy on more. meaningful interactions with the customer. The Customer Call Summarization pilot program supported more than 700 associates in transcribing and summarizing live customer service phone calls in real time. Associates provided real-time feedback on their expertise, which helped further refine engineering and rapid modeling. The result has been that 90% of summaries using Ally.ai require no further human modification. An added bonus is that associates report that Ally.ai briefs have helped them focus their energy on meaningful customer interactions.
Both use cases reflect a commitment to Ally’s core principles for the business use of AI:
Focus on use cases that support employee productivity and optimize internal business processes. Provide human intervention and controls for supervision and training. Protect against disclosure of personally identifiable information. Prohibit third-party model providers from using Ally data to train their core models.
Commenting on these early generative AI results, Andrea Brimmer, director of marketing and PR at Ally, notes: “The best marketing teams know the art of evolution, which includes evaluating and testing transformative technologies” . He adds: “Early results demonstrate how artificial intelligence could allow our talent to focus on creative tasks that required more human involvement, while speeding up the routine efforts of our day-to-day lives. Brimmer concludes: “We look forward to continuing to explore generative AI and learn more about how technology can help our team.”
Looking ahead, Muthukrishnan is keenly aware that “generative AI can amplify both the good and the bad.” To this end, Ally is committed to rigorous AI governance policies and practices, embedded in an AI governance group comprised of legal, risk, compliance and audit representation, as well as technology subject matter experts . From conception to production, the group has developed an AI playbook that governs each stage of the evaluation, from conception to execution, with a “human in the know” at each stage of development.
Muthukrishnan is positive about the future impact of generative AI, noting, “You can’t escape the conversation around AI, so we’re taking that momentum and using it as a springboard to continue exploring new use cases that will drive AI adoption internally while supporting our business goals.” He continues, “AI can reshape the way we work, how we serve our customers, how we personalize the customer experience, how we improve productivity, and how we free up our employees to solve higher-level problems.” Muthukrishnan concludes, “We are optimistic about what AI will bring to our teammates and customers at Ally. It can transform the financial services industry.”
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