LLMs and next-generation artificial intelligence (AI) technologies are redefining what productivity and value creation looks like in financial services and beyond.
With some data suggesting that AI adoption will facilitate a potential 30-70% increase in productivity for operational IT alone, intelligent automation has the potential to unleash exponentially increasing efficiencies in operations, and quite a few managed services. And that means cost savings can be significant across lines of business.
Enterprise leaders are well aware of these rapid changes. With streamlined workflows powered by advanced AI – from GenAI to AI-powered financial technologies — organizations can now expect better service quality, faster turnaround, and lower costs.
At Blankfactor, we understand that optimized operations and engineering approaches are crucial to staying ahead of the competition. We’re helping companies leverage new cost efficiencies in vendor partnerships and accelerate growth with AI and intelligent automation. From streamlining call center operations to optimizing QA/QC workflows, learn more about how we’re engineering impact with intelligent automation solutions.
Financial services leaders are seeing AI-enabled operations efficiencies
How companies capitalize on the rapidly-changing landscape of AI technologies will be a crucial component of value-creation strategies for years to come.
In financial services, firms are already starting to see the value. A survey of FinServ executives from Nvidia’s 2024 State of AI in Financial Services report reveals that:
- Over 80% observe that AI is already having a positive revenue impact and driving down yearly costs.
- Operations is the number one area where AI solutions are impacting the business, with increased operational efficiencies and increased competitive advantage as the top two outcomes.
- Compared to 2023, 30% more leaders in FinServ are now seeing that AI is creating operational efficiencies in their organizations.
These numbers confirm that operations are quickly transforming with automation and the latest AI technologies, and firms are looking to vendor partnerships expecting to help capture that value.
Next-gen AI is shifting delivery expectations
We’re seeing that organizations are not only looking to work with software partners that can help them optimize operations with AI — but can provide faster, more streamlined, and cost-effective delivery and services by leveraging AI on the provider side.
That means enterprises are already starting to rethink supplier relationships and negotiate new terms. We’re noticing a rise in the following trends across the industry:
1. Value-based agreements: Companies are looking for vendors to demonstrate productivity gains as partnership negotiations move toward value-based agreements.
2. Data-driven performance: Efficiency improvements will be measured through data-driven performance metrics, and service partners will need to showcase improvements through these metrics.
3. Efficiency assumptions: The expectation is to see efficiency gains through streamlined operations and intelligent process automation.
4. Cost efficiencies & ROI: Vendors will need to identify the best use cases to help drive cost efficiencies and deliver significant ROI to meet firms’ expectations.
5. Risk mitigation: With the potential of AI-powered risk management, firms are looking for providers to mitigate risks and ensure productivity.
Taken together, this means that vendors will need to be agile and adaptive in leveraging the potential of artificial intelligence. Partner vendors that succeed in transforming with AI will pass on those efficiencies and support organizations in gaining competitive advantage — and firms will be looking for partners that can promise those outcomes.
Our approach: Cost and productivity efficiencies with intelligent automation solutions
At Blankfactor, our data and AI practice is designed to help clients change and transform business processes from end to end.
Our structured approach encompasses AI assessment, planning, solution development, deployment, monitoring, and value capture. We also provide detailed cost-benefit analyses and projected ROI so clients can confidently invest in artificial intelligence with quantifiable business cases.
This also gives organizations a benchmark to understand and quantify potential cost savings with AI-powered solutions, providing firms with leverage to negotiate vendor contracts — or take advantage of guaranteed performance outcomes with our team.
From optimizing operations in call center streams to streamlining QA/QC processes, here’s how we’re leveraging artificial intelligence to help organizations automate and innovate.
Call center optimization
Let’s consider a call center efficiency example. Typically, human agents can only review 5% of customer calls due to time limitations. After integrating an LLM, however, analysis can scale to 100% of calls without growing headcount. The LLM also uncovers more impactful insights from the full call dataset, enriching customer intelligence.
From pre-call to post-call actions, our team benchmarked industry-standard call metrics and analyzed the call center operations journey to determine areas best suited for automation — and most likely to deliver increased resiliency and cost improvements.
It’s clear that certain call center operations — including agent conversations as well as IVR navigation and resolution — are some of the best use cases for business process automation.
Case study
For one UK acquirer, we helped the client meet a challenging customer service goal: reduce agents required for merchant support services and reduce call volumes while simultaneously improving customer experiences.
Using insights on IVR optimization opportunities, we helped the client fully automate a support system. Our solution integrated multiple systems to extract client data; additionally, we developed a self-service portal to empower merchants to resolve queries easily and independently.
These smart solutions led to an 80% reduction in call volumes, improved client satisfaction, and increased retention.
QA/QC optimization
Automated testing, code analysis, and anomaly detection are just a few areas where process automation can drive efficiencies in QA/QC. For instance, the generative capabilities of generative AI can help engineers produce test cases and data, and algorithms can identify red flags on bugs and quality concerns.
By integrating these AI-powered solutions into the software delivery lifecycle, QA/QC can shift to enable fast and intelligent quality assurance throughout development.
Case study
In an example client scenario, we analyzed a $10 million QA/QC contract to determine how AI-powered co-pilot solutions could deliver cost benefits.
We reviewed current manual testing and quality costs and compared with the cost of selecting and automating the test cases and code testing with an appropriate LLM. Our review included a cost-benefit analysis and ROI calculation to understand the efficiencies of LLM implementation.
We found a $4 million cost savings potential, suggesting a 40% savings potential in the sample average scenario.
Our team can help firms capture these cost efficiencies by similarly offering initial assessments, including baseline analysis and ROI study, then developing an implementation plan, initiating a pilot to optimize the process, monitoring the performance, and determining how to scale and adapt co-pilot-based AI solutions in the future.
Unleash competitive advantage with our intelligent automation services
The AI-powered efficiency wave is here. The productivity gains possible with LLMs, machine learning, and generative AI are shifting not only the outcomes organizations are looking to achieve but also how they achieve those outcomes with vendor partnerships. With our team’s AI expertise, companies can take AI-powered solutions to capture new heights of performance, resilience, and profitability.
At Blankfactor, we help industry giants manage digital transformation and change with the latest technologies. From the latest in GenAI solutions to the most ambitious legacy modernization challenges, our experts in data engineering, artificial intelligence, and financial technology know how to drive impact in your business. We bring an adaptive approach and deep technical expertise to every project – and with BlankGPT, we’re bringing that delivery excellence one step further.
Let’s discuss how your organization can improve operational resilience and efficiencies through next-generation AI and intelligent automation solutions. Whether you’re looking to optimize business processes, enhance customer experience in call center operations, or optimize QA/QC through automation, we can help. Learn more about how our experts are driving innovation with AI Labs and our custom internal LLM, BlankGPT, or get a 60-minute strategy session today.