Explore the opportunities and challenges of AI adoption
We have many clients starting to look at the real applications of AI in their organisations. One sector particularly interested in the risks and benefits is the Finance and Wealth Management Industry. We’ve spent time understanding how AI can safely be incorporated, specifically how Microsoft is working on making Copilot a secure, compliant, and accurate working AI assistant.
As the UK SMB Financial Services industry continues to digitise, AI-powered tools like Copilot and ChatGPT are becoming increasingly crucial for businesses to stay competitive. Artificial Intelligence (AI) is transforming the industry by providing multiple benefits, from increasing efficiency and productivity to enhancing accuracy and customer satisfaction. While some may be hesitant to adopt AI out of concern for ethics, data governance, and regulatory compliance, AI technology giants are addressing these risks to ensure security and build trust to ensure complete compliance with UK data and cyber security regulations.
AI-powered tools such as Copilot can help SMB Financial Services companies automate repetitive daily tasks, saving time and reducing the occurrence of errors in processes such as data entry and analysis. Research shows that integrating AI technology into financial processes could lead to a reduction in costs and time spent on traditional data entry and analysis, with increased employee productivity and customer satisfaction.
AI is a powerful tool for use at all levels of an organisation. For businesses, AI can assist with company-wide apps, data analysis, and automated processes that help streamline operations and accelerate growth. Meanwhile, individual employees can use AI platforms and assistants like Copilot to quickly handle small tasks such as searching for specific information or writing detailed reports, reducing their workload and enabling them to deliver more timely, accurate results.
“Copilot for Microsoft 365 Adoption Playbook” provides insights from the Copilot for Microsoft 365 Early Access Program, stating that after just three months of using Copilot, 70% of users reported being more productive, and 68% felt it improved the quality of their work. The best Copilot users saved more than 10 hours per month.
At the heart of Microsoft’s AI offering, Copilot has been designed to work securely and compliantly with regulations regarding the control of data and sensitive personal information. Copilot runs through Microsoft 365 services and abides by the same data controls and access policies, ensuring that proprietary data is securely handled and stored.
When considering the use of Copilot AI, safety, bias, and accuracy are genuine concerns. Microsoft is taking significant steps to address these concerns to create a trustworthy system for financial services companies. Regulatory organisations – such as the Bank of England and the FCA – are also looking into the most secure ways to approach and regulate the use of AI in financial services.
Microsoft Copilot users have the advantage of using it in the web context (using bing.com/chat on a web browser) or in the work context (using Copilot within M365 applications).
The web context includes commercial data protection and doesn’t use your chat data to train the underlying foundation models – making Copilot a secure alternative to using other public generative AI services. The work context uses your work data (calendar, emails, chats, documents, meetings, contact and more) to get contextually accurate responses. The work context has the benefit of enterprise-grade data protection to ensure that your data remains within your Microsoft 365 service boundary.
AI will play its part in transforming the UK SMB Financial Services industry by enabling companies to streamline processes, increase efficiency, and enhance customer satisfaction securely and with regulatory compliance. With a focus on ethics, data governance and regulation compliance, despite its benefits, AI has been designed to delight customers and empower employees without worrying about regulatory compliance. For companies interested in adopting AI, the first step is to explore how to best leverage AI-powered tools specific to your key goals. With a clear idea of current administrative burdens and your planned technology roadmap to achieve business goals and meet regulatory compliance.
In the dynamic landscape of technology, harnessing the power of AI in a way that maximises benefits and minimises risks requires a thoughtful approach. When considering the integration of AI tools like Copilot into an organisation, processes, policies, and information architecture play key roles in ensuring successful implementation and compliant usage.
Clear guidelines for employees and users on how AI tools should be used – from data handling procedures to security measures must be defined to mitigate potential risks effectively. By establishing robust processes supported by well-defined policies, organisations can create a structured framework for their staff that maximises the potential of AI while safeguarding their clients’ sensitive data and maintaining regulatory compliance.
“Financial analysts today spend, on average, one to two hours reconciling data per week. With Copilot for Finance, that is down to 10 minutes. Functionality like data reconciliation will be a huge time saver for an organization as complex as Microsoft.”
—Sarper Baysal, Microsoft Commercial Revenue Planning Lead.
Information architecture is another crucial aspect to consider when leveraging AI capabilities. Proper data governance, storage, and access mechanisms must be in place to support the efficient functioning of AI tools. Ensuring that data is accurate, accessible, and secure is essential for AI technologies to deliver reliable insights and drive informed decision-making within the organisation. Well-structured information architecture is not something that should be overlooked or underdeveloped. Having the right members of your organisation working with your IT experts before implementing a working AI-driven makes these tools a success.
Risks associated with AI can only be minimised when organisations and their senior leaders invest time in understanding how this technology aligns with their specific goals and objectives. By engaging with staff and employees to foster a culture of learning and adaptation, organisations can ensure that the adoption of AI is met with enthusiasm and embraced as a tool for innovation and growth.
In the rapidly evolving tech landscape, embracing AI with a strategic focus on processes, policies, and information architecture is essential for organisations looking to leverage the full potential of these advanced technologies. By proactively addressing risks through informed decision-making, organisations can position themselves for success in a digital future driven by innovation and collaboration.
If you’re interested in exploring how AI technologies like Copilot can benefit your organisation our team of experts are here to help. Reach out to us for a free consultation or discovery session to learn more about how we can support your business in unlocking the power of AI while ensuring a secure and compliant approach tailored to your unique goals.
Let’s move forward together into a future where AI aids us in transforming the way we work, innovate, and succeed. Call us on 01392 454750 for more information or email hello@it-champion.co.uk to arrange a call.
Sources
HBR Article on AI in financial services – https://hbr.org/2019/02/how-ai-is-transforming-the-financial-sector
Microsoft’s white paper for the financial services industry – https://download.microsoft.com/download/7/E/5/7E5A9B12-280F-4FD6-93E0-050A24027EDD/Microsoft_AI_in_Financial_Services_Whitepaper.pdf
FCA emerging regulatory approach July 2023 – https://www.fca.org.uk/publication/finalised-guidance/fca-guidance-firms-use-artificial-intelligence-technology-including-machine-learning.pdf
UK Finance impact of AI in Financial Services report – https://www.ukfinance.org.uk/wp-content/uploads/2019/09/UK-Finance—Impact-of-AI-Report-V.1.2.pdf
Microsoft AI WorkLab – https://www.microsoft.com/en-us/ai/worklab
Copilot Lab – https://copilot.microsoft.com/en-us/lab/
Bringing the latest capabilities to Copilot for M365 customers – https://www.microsoft.com/en-us/microsoft-365/blog/2024/04/02/bringing-the-latest-capabilities-to-copilot-for-microsoft-365-customers/
