Leverage GenAI for Better Customer Experiences
Senior leaders from the Commonwealth Bank of Australia, National Australia Bank, QBE Insurance Group, and commercial property investment firm Charter Hall recently shared their insights at the Gartner Symposium/Xpo in Australia. They emphasized the importance of embracing change, especially in the realm of emerging technologies.
At the event, Victoria Ledda, CIO of retail banking at CBA, expressed her enthusiasm for change and the need to develop resilience in today’s dynamic business environment. She highlighted CBA’s use of AI to enhance customer experiences and improve fraud detection, including the recent launch of an AI Factory in collaboration with Amazon Web Services.
Generative AI has empowered CBA to innovate further, particularly in complex customer interactions like home-buying processes. By leveraging AI, the bank aims to provide a more autonomous and seamless experience for customers across digital channels.
CBA also sees the potential of generative AI in enhancing employee satisfaction and efficiency by automating certain tasks and allowing staff to focus on strategic initiatives.
Support a Wider Cohort of Business Stakeholders
Tara Le Friedman from QBE emphasized the importance of having the right talent in support roles to facilitate technology modernization. IT leaders should collaborate with finance, risk, and procurement professionals to drive efficiency and ethical use of technologies like GenAI.
Engaging these stakeholders ensures a holistic approach to technology initiatives and enhances overall business performance. By advocating for support roles within the technology function, organizations can streamline operations and achieve strategic objectives.
Consider Alternative Technology Strategies
Christopher Johnson of Charter Hall suggested IT leaders should prepare for various future scenarios by developing multiple technology strategies. This approach enables organizations to adapt to changing environments and uncertainties effectively.
By consulting widely and prioritizing technology investments based on different risk appetites and success criteria, businesses can stay agile and resilient in the face of evolving market conditions.
Embed Innovation and Embrace Failure
Victoria Ledda highlighted the importance of embedding a culture of innovation and continuous improvement within teams. Organizations need to set ambitious goals and encourage experimentation to drive progress and learning.
By embracing failure as a natural part of the innovation process, teams can push boundaries and explore new possibilities to drive business growth and success.
Challenge Conventional Ways of Working
Technology provides IT leaders with the opportunity to challenge conventional business practices and foster innovation. By asking ‘what if’ questions and exploring new possibilities, organizations can leverage technologies like generative AI to transform their operations.
Low-code and no-code capabilities enable businesses to enhance collaboration between business and technology teams, driving greater efficiency and diversification in their offerings.