How Ally Financial Is Delivering Business Value From Generative AI

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Ally Financial (NYSE: ALLY) is a top 25 U.S. financial company with $196B in assets under management and serving more than 11 million customers. Ally was founded in 1919 by General Motors (GM) and was known as General Motors Acquiring Corporation (GMAC) from its inception until 2010, when it was rebranded as Ally Financial. Today, Ali is one of the country’s leading automotive lenders, as well as the country’s largest digital bank offering deposits, loans, loans and credit card services.

As a universal bank, Ali relies on innovation to provide banking services to its customers. This requires strong integration of digital, data, technology, product and operations. As one of the few executives in the financial services industry with such broad responsibilities, Satish Muthukrishnan holds the title of Chief Information, Information and Digital Officer and is a member of the executive leadership team reporting to the CEO. His responsibilities include Chief Technology and Digital Officer. , as well as cyber security, infrastructure, product customer experience, and now, artificial intelligence (AI).

A quality customer experience is at the core of Ali Company’s mission. Muthukrishnan said investments in technology, digital capabilities, data and AI must always be aligned to create business impact that supports the company’s mission. “Magic happens at the intersection of customer experience, business impact and technology,” he opined. For Ali, the process begins with the definition of business cases. These business use cases draw on data from across Ally. The starting question is always, “What data do you need?” It should be, to support a specific business use case. Taking this approach ensures that the process is business-driven at every level. “This approach has accelerated our data journey over the years,” commented Muthukrishnan.

Given its innovation trajectory, it should come as no surprise that Ali is now charting a course for testing, testing and manufacturing generative AI. In June of this year, Ally launched, a proprietary, cloud-based AI platform that combines the functionality of traditional and generative AI tools, including basic models, with the unique human touch and data security protections necessary for finance. Services company. The platform serves as a secure private bridge between enterprise-level large-scale linguistic models (LLM) and Ali’s data and AI applications, enabling Ali to integrate any AI capabilities, including spatial AI and large-scale linguistic models, into business operations. Enterprise scale. Muthukrishnan commented, “ is in-house, and has the purpose of building information data, cloud and network instruction to increase its use within the organization while closely monitoring the risks and opportunities for new uses. issues”

On November 16, Ally announced the first results of a pilot Generative AI use case that demonstrates how Generative AI can be used to increase speed and boost team productivity and innovation. The company uses generative AI to help marketers reduce the time it takes to produce creative campaigns and content to 2-3 weeks, saving an average of 34%. Additional productivity gains resulting from the use of Generative AI include:

  • A reduction in the time required for content creation and other marketing deliverables by up to 2-3 weeks in the early stages of the creative process, such as research, first drafts and naming exercises.
  • 34% time savings on tasks when using the interface, which equates to an annual savings of nearly 3,000 hours across the participating team.
  • During the test, more than 80 questions prepared by the participants had a useful rate of 87%, which shows the value of the rapid engineering training of the team members and the effectiveness of the results that can be used in the assigned work.
  • Instant accuracy of 81%, indicating that users are finding the right type of content or response output from the platform to complete their assignment.
  • Benefits and accuracy in results when using for data analysis, quality control and search engine optimization (SEO).

This marketing trial comes on the heels of Ally’s first successful use case, when was used by the customer care and experience team for call summaries, allowing associates to better focus their energies on serving and closing customer inquiries. Meaningful customer interaction. The Customer Call Summarization pilot program supports more than 700 associates by transcribing and summarizing live customer service phone calls. Collaborators provided real-time feedback on their experiences, which helped accelerate engineering and further improve the model. The result is that 90% of summaries using require no further human modification. An added benefit is that partners report that Summary helps them focus their energies on meaningful customer interactions.

Both of these use cases reflect Ali’s commitment to core principles for enterprise AI use.

  • Focus on use cases that support employee productivity and improve internal business processes.
  • Provide human intervention and control for monitoring and training.
  • Avoid disclosing personal identifying information.
  • Prevent third-party model providers from using Ally data to train their underlying models.

Commenting on these early generative AI results, Ali’s director of marketing and public relations, Andrea Brimmer, said, “The best marketing teams know the art of evolution, which involves evaluating and testing transformative technologies.” She added, “The initial results show how AI can streamline the routine efforts of our daily work, allowing us to focus on creative tasks that require human involvement. Brimmer concludes, “We look forward to the continued exploration of generative AI and learning more about how the technology will help our team.

Looking ahead, Muthukrishnan is well aware that “generative AI can highlight both the good and the bad.” To this end, Ali is committed to rigorous AI governance policies and practices embedded in an AI governance team comprised of subject matter experts from legal, risk, compliance and audit representation, as well as technology. From concept to production, the team has developed an AI playbook that guides each evaluation stage from concept to execution, with a “human in the process” at each stage of development.

Muthukrishnan is positive about the future impact of generative AI, “You can’t escape the conversation around AI, so we’re using that momentum as a springboard to continue developing new use cases that drive AI adoption.” Internally while supporting our business goals. He continues, “AI can revolutionize how we work, how we serve our customers, how we streamline the customer experience, how we improve productivity, and how we free our employees to solve high-level problems.” Muthukrishna concluded, “We are optimistic about what AI at Ali will bring to our teammates and customers. It could change the financial services industry.

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