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Agentic Artificial Intelligence (AI): The Next Growth Frontier

– Can It Drive Business Success for Banking & Financial
Services (BFS) Enterprises? | Blog

OCTOBER 4, 2024 SHARE

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Artificial intelligence (https://www.everestgrp.com/artificial-intelligence-technology-solutions?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs)is evolving faster than a quarterly earnings report, and just when
we’ve started to master generative AI (https://www.everestgrp.com/generative-ai/?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs), a new breakthrough is emerging: agentic AI!

This isn’t just another buzzword to add to your corporate lexicon either—it’s a game-changer that’s set to
redefine AI’s capabilities.

Reach out (https://www.everestgrp.com/contact-us/?

:
 Reach out (https://www.everestgrp.com/contact-us/?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs) to discuss this topic in depth.

What is agentic AI?

Agentic AI is an evolved form of AI that creates autonomous agents possessing autonomy, decision-
making, and adaptability. The agents can execute tasks in their entirety through natural language-based
inputs. They can also set goals independently, plan accordingly, and act to accomplish the targets. Key
characteristics of agentic AI include:

Autonomy: perform tasks independently

Reasoning: make advanced decisions

Flexible planning: adjust plans based on prevailing circumstances

Workflow optimization: efficiently execute multistep, complex processes

Natural language understanding: comprehend and follow complex instructions

Continuous improvement: learn from historical data and feedback

System integration: integrate with diverse enterprise systems

The winning formula for agentic AI is training the models on diverse datasets with clear and concise
instructions.

What does it mean for the banking and financial services industry?

In Banking and Financial Services (https://www.everestgrp.com/banking-and-financial-services/?

utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs), agentic AI could be the key to optimizing operations, automating
complex processes, and delivering hyper-personalized customer experiences.

Agentic AI assesses the need for actions before executing them and continuously learns from its
experiences to improve decision-making.

Now let’s dive into why this innovation is catching the attention of technology
(https://www.everestgrp.com/technology/?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs) and financial leaders and how it could now transform the
financial services industry.

In the fast-moving world of trading and investment (https://www.everestgrp.com/private-equity-firms-

and-investors-industry/?utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs) , agentic AI has the potential to transform portfolio management.
These AI agents can analyze market trends, make rapid trading decisions, and adapt investment
strategies in real time based on economic data and news events.

Beyond trading, agentic AI could enhance risk management by autonomously identifying potential
market disruptions or regulatory changes and adjusting exposure accordingly. In personalized banking, it
could optimize customer service, offering tailored financial advice, automated portfolio management,
and fraud detection systems that continuously learns and adapts by the second.
:
 This combination of real-time decision-making and autonomy could lead to more efficient markets,
improved risk mitigation, and potentially higher returns for investors and clients alike.

What are the high priority use cases for agentic AI in banking and
financial services?

Agentic AI is a transformative force driving exponential growth for banks by revolutionizing customer
engagement, decision-making, and operational efficiency.

With its ability to incorporate a “chaining” capability in decision making, banks can deliver hyper-
personalized products and services, significantly boosting customer loyalty and unlocking new revenue
streams through targeted cross-selling and upselling.

Agentic AI will empower banks to make smarter, faster decisions on investments and lending, while
superior risk management enables more aggressive growth with minimized losses.

The following exhibit highlights the most relevant use cases from a banking and financial services
perspective.

Which technology providers are riding the agentic AI wave already?

The vast ecosystem of core banking technology providers, are still familiarizing themselves with the
nuances of embedding AI into core baling modules offered via their plaforms. Our conviction is that core
augmentation providers, hyperscalers, and niche agentic AI start-ups are going to lead the agentic AI
revolution for this industry.

From a core augmentation provider perspective, we see technology platforms in the areas of experience,
data & analytics androbotic process automation (RPA) leading the way , in order to guide and augment
the core banking platforms, and enabling access to latest technologies.

In recent days, we have already seen the launch of Agentforce by Salesforce that is positioned as suite of
autonomous, and personalized assistive agents to support employee’s workflow with specific tasks.

On the other hand, RPA providers are sitting on a base architecture that enables them to manage and
automate tasks. Automation Anywhere is offering AI Agent Platform to build its own AI agents, while
UiPath is also incoporating these capabilities into its existing RPA offerings.

Additonally, financial crime remains a particularly ripe area for disruption by agentic AI, as technology
providers are deploying AI agents to fight financial crime such as WorkFusion.
:
 providers are deploying AI agents to fight financial crime such as WorkFusion.

We also see Google with its Vertex AI Agent Builder and Microsoft with its AutoGen, offering to build AI
agents, that provide the necessary frameworks to accelerate agentic AI development.

There are also a few niche providers such as EMA that are catering to use cases for the financial services
industry and it will be interesting to see how other firms evolve and adapt in the weeks and months to
come.

Potential challenges on the road to adoption

Adopting agentic AI faces several challenges, including high costs and an uncertain return on investment
(ROI). Change management and acquiring the right talent (https://www.everestgrp.com/workforce-
strategies-talent-locations-expertise/?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs) are critical hurdles.

Existing technology investments, such as process automation, orchestration, and core modernization
efforts, can complicate integration. Additionally, data readiness for training AI models and the
substantial effort required to train and integrate these solutions into the value chain are among the other
obstacles currently facing firms.

What support do banks and financial service (FS) firm need?

Looking at the technology estate of banking and financial services firms, we see a spider like mesh of
various systems and applications that have evolved over the years.

Streamling them to accomplish a workflow, retrieving the right set of data, and arriving at the meaningful
insight is no singular feat and one that continues to be amongst the biggest challenges for enterprises
today.

Agentic AI can help jump through various of these applications to automate tasks while needing support
from other agents to complete the tasks.

Banking and financial services enterprises thus need to ensure their data assets are ready to be uttilized
by agents while the workflow and processes are clearly defined. It is on this bedrock that these
enterprises will be able to deploy agents.

If you found this blog interesting, check out our blog focusing on Building Purpose-Driven Generative AI
(gen AI) – Why We All Have A Role To Play In The Future Success Of The Gen AI Ecosystem | Blog –
Everest Group (everestgrp.com) (https://www.everestgrp.com/technology-industry/building-purpose-
driven-generative-ai-gen-ai-why-we-all-have-a-role-to-play-in-the-future-success-of-the-gen-ai-
ecosystem-blog.html?utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs), which delves deeper into the topic of artificial intelligence.

If you have any questions, would like to gain expertise in Agentic AI and artificial intelligence, or would
like to reach out to discuss these topics in more depth, contact Pranati Dave
(mailto:[email protected]?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs), Ronak Doshi (mailto:[email protected]?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs) and Kriti Gupta (mailto:[email protected]?
utm_source=linkedin&utm_medium=social&utm_campaign=2024 General
Campaign&utm_term=Banking,Blogs).
:
 ARTIFICIAL INTELLIGENCE (HTTPS://WWW.EVERESTGRP.COM/TAG/ARTIFICIAL-
INTELLIGENCE/?
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